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Announcement:

Moody's: Risks lower for California RDA successor agency tax allocation bonds

08 Dec 2015

New York, December 08, 2015 -- California's tax allocation bonds (TABs) issued by the dissolved redevelopment agencies (RDAs) have benefited from an improving economy and real estate market, and from the new administrative and procedural framework of the successor agencies (SAs) now managing these obligations, Moody's Investors Service says in a new report.

Moody's recently upgraded nearly all of the $4.7 billion of Moody's-rated tax allocation bonds to reflect these improvements. For 35 issuers, debt was upgraded by an average of three notches, increasing the median rating to Baa1 from Ba1, though some were upgraded as high as five notches.

"The dissolution of the RDAs in 2012 introduced administrative risks resulting from the new processes for SAs to pay debt service on the former RDAs' tax allocation bonds. After three and a half years of semiannual payments cycles, the process has generally gone smoothly," Robert Azrin, a Moody's Vice President -- Senior Analyst says.

The report, "California Tax Allocation Bonds Bolstered by Proven Payment Process and Real Estate Recovery," notes that the SAs have punctually and properly adhered to procedures for required funding requests, and TAB debt service payments have been approved by the state.

California TAB credit quality has also been favorably impacted by the state's rising property values and increasing property tax revenues. This has improved debt service coverage levels and lowered volatility. Moody's says TAB credit quality can be particularly sensitive to fluctuations in property values.

The report is available to Moody's subscribers at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1009296.

************************************************************************

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Robert Azrin
Vice President - Senior Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Florence Zeman
Associate Managing Director
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
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Moody's: Risks lower for California RDA successor agency tax allocation bonds
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