El Cerrito, CA Sales Tax Revenue Bond Rating Lowered To 'A-' From 'AA-' On The Application Of Our Criteria

SAN FRANCISCO (S&P Global Ratings) Nov. 26, 2019--S&P Global Ratings lowered its long-term rating to 'A-' from 'AA-' on  El Cerrito Public Financing Authority, Calif.'s sales tax revenue bonds, issued on behalf of the City of El Cerrito. The outlook is negative. "The downgrade reflects the application of our 'Priority-Lien Tax Revenue Debt' criteria, which factors in the strength of the pledged revenue, as well as the general credit quality of the city where taxes are distributed and collected," said S&P Global Ratings credit analyst Tim Tung. The criteria were published Oct. 22, 2018. The negative outlook on the sales tax revenue bonds is based on our negative outlook on the city's general fund rating, and we anticipate resolving the

...November 26, 2019 SAN FRANCISCO (S&P Global Ratings) Nov. 26, 2019--S&P Global Ratings lowered its long-term rating to 'A-' from '##-' on El Cerrito Public Financing Authority, Calif.'s sales tax revenue bonds, issued on behalf of the City of El Cerrito. The outlook is negative. "The downgrade reflects the application of our 'Priority-Lien Tax Revenue Debt' criteria, which factors in the strength of the pledged revenue, as well as the general credit quality of the city where taxes are distributed and collected," said S&P Global Ratings credit analyst Tim Tung. The criteria were published Oct. 22, 2018. The negative outlook on the sales tax revenue bonds is based on our negative outlook on the city's general fund rating, and we anticipate resolving the negative outlook on the bonds concurrently with resolving the negative outlook on the city's general fund rating. During the outlook period, we anticipate that the pledged sales tax revenue will remain at least stable, continuing to generate...

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