Standard & Poor’s Global Ratings has issued an “AA+” long-term rating on the city of Santa Clarita‘s $10 million Santa Clarita PFA Lease Revenue Bonds (Recreational Facility) Series 2020A and $4 million taxable series 2020A-T.
“Recreational Facility” describes the purpose for which the bonds were issued, while 2020A and 2020A-T identify the bond series’ non-taxable and taxable statuses.
Concurrently, S&P affirmed the city’s “AAA” issuer credit rating (ICR) and its “AA+” long-term rating for previously issued Streetlight Acquisition Series 2018A revenue bonds and 2018B taxable revenue bonds.
Amid the COVID-19 pandemic and economic uncertainties, the city was able to demonstrate high levels of strength in areas of the City’s economy, management, budgetary flexibility, liquidity and institutional framework.
This resulted in affirming Santa Clarita’s “AAA” issuer credit rating (ICR), with a “stable” outlook. This ICR reflects S&P’s forward-looking opinion of the City’s overall creditworthiness and the capacity and willingness to meet financial obligations.
The Series 2020A and 2020A-T bonds will be sold with an “AA+” bond rating, and proceeds will fund the acquisition of the former Ice Station located at 27745 Smyth Drive, which will reopen and serve as a City recreational and event center.
For more information about Standard and Poor’s Global Ratings Report, contact Brittany Houston of the city’s Finance division at email@example.com or 661-255-4996.