Capistrano Unified School District Community Facilities District 90-2, CA Rating Raised To 'AA-' On Updated Methodology

Editor's Note:  The previous article contained the incorrect rating for the 
special tax bonds. The rating has been corrected.)

CENTENNIAL (S&P Global Ratings) Jan. 11, 2019--S&P Global Ratings raised its 
long-term rating to 'AA-' from 'A-' on Capistrano Unified School District 
Community Facilities District (CFD) No. 90-2, Calif.'s special tax bonds. The 
outlook is stable. 

The rating reflects the application of our updated methodology, titled "Special
Assessment Debt," released on RatingsDirect on April 2, 2018.

"The stable outlook reflects our expectation that the economy will remain 
robust given its access to a broad and diverse MSA, very strong incomes, and 
low unemployment rate," said S&P Global Ratings credit analyst Angel Bacio. 
"We anticipate delinquencies in the district will remain low."

The bonds are secured by revenue from special taxes collected from parcels 
within the district. We understand that the bonds require a reserve funded at 
a level equal to the least of 100% of MADS, 125% of average annual debt 
service, or 10% of the original par. The lien is closed, except for refunding 
purposes.