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Related Issuers
Burbank Redevelopment Agency, CA
Campbell Redevelopment Agency, CA
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Danville Community Redevelopment Agency, CA
Dixon Redevelopment Agency, CA
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Rating Action:

Moody's withdraws ratings on 22 former California Redevelopment Authorities' tax allocation bonds due to insufficient information; reviews continue for 68 others

05 Jun 2013

Withdrawal affects $1.2 billion of debt

New York, June 05, 2013 -- Moody's Investors Service has withdrawn the ratings of tax allocation bonds issued by 22 former California Redevelopment Agencies, affecting $1.2 billion of debt, due to insufficient information. Additionally, the ratings of 68 issuers remain on review for possible downgrade or withdrawal. These issuers have provided, or have indicated that they will provide within 30 days, sufficient information to maintain their ratings.

In June 2012, we downgraded to Ba1 all California redevelopment agency tax allocation bonds that were rated Baa3 or higher, and also placed ratings of all rated RDAs under review for possible downgrade or withdrawal. The downgrade to Ba1 was prompted by the substantially increased risk of default resulting from the state's dissolution of all redevelopment agencies. The continuing review of the ratings was based on the potential risk that implementation of the new law governing "successor" agencies (Assembly bills 26 and 1484) could reduce credit quality even further, and uncertainty as to whether there was sufficient information available to assess the credit quality of tax allocation bonds.

In February 2013, we extended our review of the tax allocation bonds of 93 RDA issuers for an additional 90-day period in order to obtain additional information that is necessary to evaluate their credit quality. We outlined our information requirements in our Special Comment, "Continued Reviews of California Tax Allocation Bonds Will Incorporate New Information Requirements," dated February 28, 2013. The outcomes for these 93 issuers are: 22 rating withdrawals, 68 continuing reviews, and 3 reviews that have been completed.

The affected issuers and bonds are as follows:

1. Campbell Redevelopment Agency, CA

Central Campbell Redevelopment Project, Tax Allocation Bonds, Series 2002A

2. Coalinga Redevelopment Agency, CA

Coalinga Redevelopment Project, 2000 Tax Allocation Bonds

3. Danville Community Redevelopment Agency, CA

Taxable Revenue Bonds, 2001 Series A (Community Redevelopment Agency of the Town of Danville -- Downtown Redevelopment Project)

4. Dixon Redevelopment Agency, CA

(Central Dixon Redevelopment Project) Tax Allocation

5. Hesperia Community Redevelopment Agency, CA

2005 Tax Allocation Bonds, Series A

2005 Tax Allocation Bonds, Series B (Housing Project)

Redevelopment and Housing Projects 2007 Series A (Tax Exempt)

Redevelopment and Housing Projects 2007 Series B (Taxable)

6. Inglewood Redevelopment Agency, CA

Merged Redevelopment Project Subordinate Lien Tax Allocation Bonds, Series 2007A-1, 2007A-T, 2007A-H

7. Long Beach Redevelopment Agency, CA

Revenue Bonds (Redevelopment, Housing and Gas Utility Financings), 2005 Series A-1 and Series A-2; Taxable Revenue Bonds (Redevelopment, Housing and Gas Utility Financings), 2005 Series B

8. Novato Redevelopment Agency, CA

Hamilton Field Redevelopment Project Tax Allocation Bonds, Series 2011

9. Palm Desert Redevelopment Agency, CA

Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3) 2006 Series C

Tax Allocation (Housing Set-Aside) Refunding Revenue Bonds, Series 2007

Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended) 2007 Series A

Tax Allocation Revenue Bonds (Project Area No. 1, As Amended) 2006 Series A and Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended) 2006 Series B (Taxable)

Tax Allocation Revenue Bonds (Project Area No. 2) Refunding, Series 2006 A and Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), Series 2006 B

Tax Allocation Revenue Bonds (Project Area No. 2), Series 2006 C and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), Series 2006 D

Tax Allocation Revenue Bonds (Project Area No. 3) 2006 Series A and Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3) 2006 Series B

Tax Allocation Revenue Bonds (Project Area No. 4) 2006 Series A and Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 4) 2006 Series B

10. Palmdale Community Redevelopment Agency, CA

Tax Allocation Bonds, 2005 Series E and 2005 Series F (Housing Set-Aside Revenues)

Tax Allocation Refunding Bonds 2003 Series C and Tax Allocation Bonds, 2003 Series D (Housing Set-Aside Revenues)

Tax Allocation Refunding Bonds, Series 2004A (Merged Redevelopment Project Areas)

11. Ripon Redevelopment Agency, CA

Ripon Community Redevelopment Project Tax Allocation Bonds, Issue of 2005

Ripon Community Redevelopment Project Tax Allocation Bonds, Issue of 2007

Tax Allocation Bonds, Issue of 2003

12. San Mateo Redevelopment Agency, CA

Merged Area Housing Set-Aside Tax Allocation Bonds, 2005 Series A (Taxable)

Merged Area Tax Allocation Bonds, 2005 Series A

13. San Pablo Redevelopment Agency, CA

Subordinate Tax Allocation Bonds, Series 1999A Tenth Township Redevelopment Project

Tax Allocation Revenue Bonds, Series 2001

14. San Rafael Redevelopment Agency, CA

(Central San Rafael Redevelopment Project Area) Tax Allocation Bonds, Series 1999

15. Sand City Redevelopment Agency, CA

Tax Allocation Bonds, 2008 Series A and Taxable Tax Allocation Bonds, 2008 Series B (Sand City Redevelopment Project)

16. Seaside Redevelopment Agency, CA

Tax Allocation Refunding Bonds Issue of 2001 (Merged Project Area)

17. South El Monte Improvement District, CA

Tax Allocation Bonds, 2008 Series A (Merged Project Area)

18. South San Francisco Redevelopment Agency, CA

Merged Redevelopment Project Tax Allocation Revenue Bonds, Series 2006A

19. Stanislaus-Ceres Redevelopment Commission, CA

Tax Allocation Bonds Issue of 2000

20. Suisun Redevelopment Agency, CA

2003 Series A Taxable Tax Allocation Bonds and 2003 Series B Refunding Tax Allocation Bonds

21. Vacaville Redevelopment Agency, CA

Tax Allocation Revenue Bonds

Tax Allocation Revenue Bonds (Vacaville Community Redevelopment Project)

22. West Hollywood Community Development Commission, CA

East Side Redevelopment Project, 2003 Tax Allocation Bonds

Moody's has withdrawn the rating because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Moody's Analytic Approach To Rating California Tax Allocation Bonds published in December 2003. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Gregory W Lipitz
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

Naomi G Richman
MD - Public Finance
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's withdraws ratings on 22 former California Redevelopment Authorities' tax allocation bonds due to insufficient information; reviews continue for 68 others
No Related Data.
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