S&P: Montecito Estates Public Improvement District, NM Special Levy Revenue Refunding Bonds Assigned 'BBB+' Rating
"Our rating reflects our opinion of the district's fully built-out and residential nature, very diverse taxpayer concentration and very low historical delinquencies, good maximum annual debt service coverage, and good overall value-to-lien ratio," said S&P Global Ratings credit analyst Kaila Spalinger.
Bond proceeds will be used to refund a portion of the district's series 2007 special levy revenue bonds for interest cost savings.
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