Summary: El Cerrito Public Financing Authority, California; Miscellaneous Tax; Sales Tax

S&P Global Ratings affirmed its 'AA-' long-term rating on El Cerrito Public Financing Authority, Calif.'s outstanding sales tax revenue bonds. The outlook is stable. The bonds are secured by a first lien on the voter-approved Measure A half-cent sales and use tax dedicated for local street improvement and maintenance. The city benefits from a strong and stable local economy, as evidenced by continued assessed value growth and its location within the San Francisco-Oakland-Hayward, Calif., metropolitan statistical area (MSA). While pledged revenues have experienced some volatility in recent years, coverage has remained strong. We anticipate at least stable performance in the near term supported by an established sales tax base. The rating reflects our view of the city's: Well-established taxing area

...S&P Global Ratings affirmed its '##-' long-term rating on El Cerrito Public Financing Authority, Calif.'s outstanding sales tax revenue bonds. The outlook is stable. The bonds are secured by a first lien on the voter-approved Measure A half-cent sales and use tax dedicated for local street improvement and maintenance. The city benefits from a strong and stable local economy, as evidenced by continued assessed value growth and its location within the San Francisco-Oakland-Hayward, Calif., metropolitan statistical area (MSA). While pledged revenues have experienced some volatility in recent years, coverage has remained strong. We anticipate at least stable performance in the near term supported by an established sales tax base. The rating reflects our view of the city's: + Well-established taxing area within the greater San Francisco Bay Area local economy, with very strong income indicators; + Maintenance of strong maximum annual debt service (MADS) coverage on the bonds, even through recent...

Summary