OREANDA-NEWS. S&P Global Ratings assigned its 'A' long-term rating to the Successor Agency (SA) to the Chowchilla Redevelopment Agency, Calif.'s series 2016 tax allocation refunding bonds. The outlook is stable.

"The rating reflects what we view as the SA's strong maximum annual debt service coverage and fully funded debt service reserve," said S&P Global Ratings credit analyst Li Yang. "The rating further reflects our view of the agency's diverse tax base," Mr. Yang added.

The 2016 bonds are payable from all monies deposited from time to time in the Redevelopment Property Tax Trust Fund (RPTTF). The city of Chowchilla is acting as SA to the former RDA after the state legislature and a subsequent court ruling dissolved all RDAs in California in February 2012.

The city of Chowchilla serves an estimated population of about 18,537 in Madera County and is about 31 miles north of Fresno, 140 miles south of Sacramento and 153 miles southeast of San Francisco.