Fiscal 2012 coverage of senior maximum annual debt service (MADS) was 1.3 times (x). The downgrade is also reflective of exposure to potential volatility going forward. KEY RATING DRIVERS DEBT SERVICE COVERAGE VULNERABILITY: The rating downgrade to ‘BBB+’ reflects reduced debt service coverage on the 2007 bonds as a result of recent assessed valuation (AV) declines within the project area.
1, 2013, the bonds are additionally secured by invested proceeds from the 2007 issuance.
SECURITY The bonds are a cross-over refunding whereby they are secured partially by tax increment revenues generated by the Golden State Redevelopment Project Area (the project area), net of a 20% housing set-aside, and partially by escrowed funds used to purchase certain previous bonds. June 20 - Fitch Ratings has downgraded and removed from Rating Watch Negative the following revenue bonds for Burbank Public Financing Authority (the authority), CA: -$51.6 million revenue bonds, series 2007A (Golden State Redevelopment Project), to ‘BBB+’ from ‘A+’. (The following statement was released by the rating agency)
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