OREANDA-NEWS. S&P Global Ratings assigned its 'A+' long-term rating to the Successor Agency to the Santee Community Development Commission, Calif.'s tax allocation refunding bonds, series 2016. The outlook is stable.

"The ratings reflect our view of strong maximum annual debt service semiannual coverage on the refunding bonds; a mature project area located in central Santee with good recent tax base growth, good to strong income levels, and participation in the regional San Diego economy; and a closed lien, which precludes the dilution of future coverage through additional debt," said S&P Global Ratings credit analyst Benjamin Geare.

The 2016 refunding bonds are secured by taxes annually allocated and paid to the agency pursuant to the redevelopment plan and deposited into the agency's redevelopment property tax trust fund, which consist of tax increment revenues generated by the Santee Community Redevelopment Project, net of certain pass-throughs and county charges. The 2016 bonds will fully refund the former redevelopment agency's series 2005, 2011A, and 2011B tax allocation bonds, and upon the closing of the 2016 bonds, the ratings on those bonds are subject to discontinuance.