Tustin Community Facilities District No. 04-1, CA Bond Rating Raised To 'A-' On Updated Methodology

CENTENNIAL (S&P Global Ratings) Jan. 10, 2019--S&P Global Ratings raised its 
long-term rating on Tustin Community Facilities District (CFD) No. 04-1, 
Calif.'s special tax bonds to 'A-' from 'BBB+'. The outlook is stable. 

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

"The stable outlook reflects our expectation that the district's economy will 
remain robust given its access to a broad and diverse MSA, 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 a pledge on all special taxes collected from mature, 
developed, occupied property within the district. The district has a fully 
funded cash debt service reserve account equal to its requirement of 75% of 
maximum annual debt service. The lien is closed, except for refunding 
purposes.