Moody's issues revised ratings list for Orange County, California investment pool participants.NEW YORK--(BUSINESS WIRE)--Dec. 14, 1994--On December December: see month. 6, 1994, Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. placed under review 110 ratings of 58 issuers with funds invested in the Orange County Investment Pool. Ratings were placed under review because of uncertainty resulting from the pool's announced losses. We are now publishing an updated list which takes into account rating actions subsequent to December 6. These rating actions included the suspension suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads of the ratings of all Orange County obligations because the County filed for bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most , and downgrades of two obligations (County Sanitation sanitation: see plumbing; sanitary science. Districts 1, 2, 3, 5, 6, 7, 11, 13 and 14 and County Taxable Pension Obligation Bonds, Series B) to reflect nonpayment Non`pay´ment n. 1. Neglect or failure to pay. Noun 1. nonpayment - act of failing to meet a financial obligation nonremittal, default failure - an act that fails; "his failure to pass the test" on the the former and default on the latter. In addition, a number of issuers have been added to or deleted Deleted A security that is no longer included on a specified market. Sometimes referred to as "delisted". Notes: Reasons for delisting include violating regulations, failing to meet financial specifications set out by the stock exchange and going bankrupt. from the group of issuers whose ratings were placed under review December 6th, as we have since obtained more complete information about which rated debt issuers are, or are not, participants in the County's investment pool. The updates to our ratings list are summarized below, followed by a list of all unenhanced, uninsured Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. ratings affected by the bankruptcy of Orange County and the Orange County Investment Pool. We will continue to report any future rating actions on a case by case basis and publish periodic updates to the complete list as warranted. -0-
RATINGS FOR ORANGE COUNTY, CALIFORNIA
INVESTMENT POOL PARTICIPANTS
Added To December 6 List of
Ratings Under Review
Issuer Rating Debt
Outstanding
Atascadero (TRANs) 1994 MIG 2 $1,300,000
Anaheim Electric Revenue Aa/VMIG1 $3,422,000
Series '91
Anaheim Electric System P-1 $28,000,000
Commercial Paper
Claremont A $145,000
Montebello (TRANs) 1994 MIG 1 $6,000,000
Montebello Pub. Impr. Corp.
Ctfs. of Part. (1990 Cap. Baa $7,290,000
Impr. Proj.)
Mountain View Aa $1,265,000
Mountain View Redev. Agcy.
(Shoreline Regional Park A $24,870,000
Comm. Tax Alloc.)
Ocean View S.D. A $50,000
Santa Barbara Water Rev. A1 (1)
Santa Barbara-Santa Barbara
Pub. Fac. Corp. Ctfs. of A $17,650,000
Part. dtd. 4-1-89
Santa Barbara-Santa Barbara
Pub. Fac. Corp. Ctfs. of A1 $6,690,000
Part. dtd. 8-1-86
Santa Barbara-Santa Barbara
Redev, Agcy. Ctfs. of Part. A1 $13,840,000
Harbor Imp. Proj. dtd.
5-1-86
Santa Barbara-Santa Barbara
Redev. Agcy. Ctfs. of Part. A1 $19,110,000
Harbor Imp. Proj. dtd.
5-1-92
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Removed From December 6 List of
Ratings Under Review Comment
Anaheim Stadium Incorporated, Bonds were
CA Certificates of called
Participation (1982 Capital
Improvement Proj.)
East Orange Co. Water District No funds
invested in
Orange Co. Pool
El Toro Water District No funds
invested in
Orange Co. Pool
El Toro Water Dist.-El Toro No funds
Water Dist. Pub. Fac. Corp., invested in
CA. Ctfs. of Part. (Rfdg. Orange Co. Pool
Series A) dtd. 6-1-93
Garden Grove, CA. Library Lease No funds
Rental invested in
Orange Co. Pool
Garden Grove, CA. Municipal No funds
Service Center Lease Rental invested in
Orange Co. Pool
Garden Grove Water Corp., CA. No funds
Lease Rental invested in
Orange Co. Pool
Montebello-Montebello Pub. Imp. Bonds refunded
Corp. Ctfs. of Part. Montebello
Comm. Redevel. Agcy., Tax
Alloc., (1992 Police Fac.
Expansion Proj.)
Moulton-Niguel Water Dist. Bonds refunded
Cons. Imp. Dist. 1, CA.
(Formerly Imp. Dist. 1 & 1A)
Moulton-Niguel Water Dist. Bonds refunded
Cons. Imp. Dist. 3, CA.
(Formerly Imp. Dist. 3 & 3A)
Moulton Niguel Water Dist. Imp. Bonds refunded
Dist. 2, CA
Moulton Niguel Water Dist. Imp. Bonds refunded
Dist. 7, CA
Newport-Mesa U.S.D., CA Bonds matured
Westminster Redev. Agcy, CA. No funds
(Westminster Commercial Redev. invested in
Proj. 1) Tax alloc. Orange Co. Pool
Westminster, CA. Water Revenue No funds
invested in
Orange Co. Pool
Westminster-Westminster Pub. No funds
Fin. Auth., CA. Certificates of invested in
Participation (1993 Water Orange Co. Pool
System Imp. Proj.)
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LIST OF UNENHANCED, UNINSURED RATINGS FOR PARTICIPANTS IN
ORANGE COUNTY, CALIFORNIA INVESTMENT POOL
Issuer Rating Debt
Outstanding
Aliso Water Mgmt. Agency,
Lease Rental dtd. 1-1-78 A1 $2,960,000
Aliso Water Mgmt. Agency,
Lease Rental dtd. 7-1-79 A1 $3,100,000
Anaheim Aa1 $9,976,000
Anaheim (TRANS) 1994 MIG 1 $24,500,000
Anaheim & Anaheim U.H.S.D
Comm. Ctr. Auth. (now
Anaheim Comm. Ctr. Auth.) A1 $8,638,000
Lease Rental
Anaheim Comm. Ctr. Auth.
(formerly Anaheim & Anaheim
U.H.S.D. Comm. Con. (A) $61,745,000
Ctr. Auth.) Lease Rental
Anaheim Electric Revenue Aa $206,179,000
Anaheim Electric Revenue Aa/VMIG1 $3,422,000
Series '91
Anaheim Electric System P-1 $28,000,000
Commercial Paper
Anaheim Pub. Fin. Auth.
Revenue, (Water Utilities
Filtration Plant Project) A1 $20,000,000
Anaheim Taxable Notes 1994 MIG 1 $95,000,000
Anaheim Water Revenue Aa $25,804,000
Anaheim Wtr. Rev. (RANS) MIG 1 $2,500,000
1994
Anaheim-Anaheim Pub.
Improvement Corp. Ctfs. of
Part. (1989 Land
Acquisition Proj. ) Con.(A1) $17,970,000
dtd. 11-1-89
Atascadero (TRANS) 1994- MIG 2 $1,300,000
1995
Brea Olinda U.S.D.-B.O.
U.S.D. Fin. Corp. Ctfs. of
Part. (Brea Olinda H.S.
Refin. Prog.) Ser. '94B
dtd. 8-1-94 (Junior Lien) Baa1 $12,785,000
Buena Park Water Revenue A $260,000
California Special Dist.
Assoc. Fin. Corp. 1992
Series T Ctfs. of Part. A $5,895,000
(Tri-Cities Munic. Water
Dist.)
California Transit Fin.
Corp. Orange Co. Trans.
Auth. Ctfs. of Part. Ser. A1 $21,100,000
'93 C dtd. 6-1-93
Capistrano U.S.D. A1 (1)
Centralia S.D. A1 $1,315,000
Claremont A $145,000
Coastal Dist. Fin. Auth.,
(So. Coastal Water Dist.
Cap. Fac. Revenue) A $4,350,000
Costa Mesa Aa $2,000,000
Costa Mesa City Hall & Pub.
Fac. Corp., Lease Revenue
dtd. 10-1-88 A1 $15,990,000
Costa Mesa Pub. Fin. Auth.
Lease Revenue A1 $13,945,000
Cypress E.S.D.-Cypress Ed.
Found., Ctfs. of Part.
(Capital Impr. Proj. &
Equip) dtd. 12-1-91 A $3,900,000
Cypress Rec. & Park Dist. A1 $775,000
Cypress-Cypress Redev.
Agency, Ctfs. of Part.
(Civic Center Refin. &
Impr. Proj.) A1 $5,830,000
Fountain Valley S.D., A $1,820,000
(formerly Elementary)
Fullerton (TRANS) 1994 MIG 1 $4,500,000
Fullerton Library Bldg.
Auth., Lease Rental Ser. A $620,000
'72
Fullerton Parking Auth.
Lease Rental A $75,000
Ser. '74
Garden Grove San. Dist. MIG 1 $5,075,000
(TRANS) 1993-94
Huntington Beach City Aa $939,000
Huntington Beach-Huntington
Beach Pub. Fin. Auth. MIG 1 $15,000,000
(TRANS) 1994-95
Huntington Beach Pub. Fac.
Corp. Ser. A1 $1,085,000
Dtd. 9-1-72
Huntington Beach Pub. Fin.
Auth., (Huntington Ctr.,
Main Pier, Oakview Talbert
Beach Proj. Areas) Redev. Ba $32,715,000
Projs. Rev.Tax Alloc.
Huntington Beach U.H.S.D.
Fin. Corp. Ctfs. of Part. A $1,225,000
School Fac. Fin. Proj.)
Ser. 1992
Huntington Beach-Huntington
Beach Redev. Agency Ctfs.
of Part. Rfdg. proj. A1 $5,555,000
(Emerald Cove Sr. Citizens
Hsg. Proj)
Irvine Aa $9,660,000
Irvine-Irvine Pub. Fac.
Corp., Rfdg. Ctfs. of Part.
(Animal Care Center & A1 $5,060,000
Operation Supp. Fac.) dtd.
4-1-90
Irvine Ranch Water Imp. A (1)
Dist.1
Irvine U.S.D. A $15,412,230
Laguna Beach City Aa $20,000,000
La Habra (TRANS) 1994 MIG 1 $2,200,000
La Palma Comm. Dev.
Commission Baa $11,685,000
Tax Alloc.
Local Govt. Fin. Auth., CA.
(Fullerton Redev.
Agcy/Fullerton) 1988 Refunding
Revenue dtd. 12-1-88 A $10,135,000
Local Govt. Fin. Auth.
(Fullerton Redev.
Agcy/Fullerton) 1989 A $3,920,000
Refunding Revenue
dtd. 7-1-89
Local Govt. Fin. Jt. Powers
Auth.-Local Govt. Fin.
Corp. (Anaheim Redev. A $58,835,000
Agency
Proj. Alpha 1986 Issue A)
Los Alamitos U.S.D. Comm.
Fac. Dist. Baa1 $11,920,000
No. 90-1, Special Tax
Montebello (TRANS) 1994 MIG 1 $6,000,000
Montebello Pub. Impr. Corp.
Ctfs. of Part. (1990 Cap. Baa $7,290,000
Impr. Proj.)
Mountain View Aa $1,265,000
Mountain View (Shoreline
Reg. Park Comm. Tax Alloc.) A $24,870,000
Ocean View E.S.D. A $50,000
Orange County (4) $785,000
Orange Co. (TRANS) 1994-95 (4) $299,660,000
(Pooled)
Orange Co. (TRANS) 1994-95
(Taxable Notes) (4) $600,000,000
Orange Co. (TRANS) 1994-95
(Taxable Notes) Teeter Plan (4) $111,000,000
Orange Co. (TRANS) 1994-95 (4) $169,000,000
Ser. A)
Orange Co. (TRANS) 1994-95 (4) $31,000,000
Ser. B)
Orange Co.,-California
Financial Svcs. (1990 (4) $11,975,000
Equip. Proj.) Ctfs. of
Part. dtd. 1-1-91
Orange Co., Airport Rev. (4) (3)
Bds. $133,040,000
Orange Co., Civic Center
Auth., Santa Ana Lease (4) $785,000
Rental 1972 Rfdg.
Orange Co., Comm. Fac.
Dist. A $51,070,000
No. 87-3 (Mission Viejo)
Spec. Tax Bds.
Orange Co., Devel. Agcy.
Santa Ana Heights Proj. Tax Baa1 $57,435,000
Alloc. Bds.
Orange Co., Flood Control Aa $2,190,00
Dist.
Orange Co., Fld. Cont.
Dist. P-1 $100,000,000
Taxable 1994-95 Notes
Orange Co., Loc. Trans.
Auth. P-1 (2)
Commercial Paper Notes $200,000,000
Orange Co., Loc. Trans.
Authority Sales Tax Rev. Aa $262,930,000
First Senior
Orange Co., Pension Oblig. (4) $209,840,000
(Taxable Ser. A)
Orange Co., Pension Oblig. Caa $110,000,000
(Taxable Ser. B)
Orange Co., Pub. Fac. Corp.
Ctfs. of Part. (4) $13,485,000
Ser. '86 dtd. 7-1-86
Orange Co., Pub. Fac. Corp.
Ctfs. of Part. (4) $81,615,000
Ser. '88 dtd. 12-1-88
Orange Co., 1994-95 (Teeter
Plan) (4) $64,000,000
Tax-Exempt Notes
Orange Co., Sanit. Dist. A $320,000
No. 12
Orange Co., Sanit. Dist. A $75,000
No. 1, 2, 2A, 3, 11
Orange Co., Sanit. Dist.
No. 1, 2, 3, 4, 5, 6, 7, Not $46,000,000
11, 13 and 14 Commercial Prime
Paper
Orange Co., Transit Dist.
Ctfs. of Part. A1 $11,120,000
('90 Bus Acquisition Proj.)
Orange Co., Water Dist.
California-O.C.W.D. Pub. Aa $26,760,000
Fac. Corp. Ctfs. of Part.
dtd. 7-1-89
Orange Co., Water Dist.
Commercial Paper Program P-1 $25,000,000
Orange Co., Water Dist.-
O.C.W.D. Pub. Fac. Corp. Aa (1)
Ctfs. of Part. dtd. 12-1-
93. Ser. '93B
Orange Co., Water Dist.-
O.C.W.D. Pub. Fac. Corp. Aa $141,545,000
Ctfs. of Part. dtd. 8-1-93.
Ser. '93A
Orange U.S.D.-Orange Sch.
Fin. Corp. Ctfs. of Part. Con. (A) $10,950,000
dtd. 1-1-91
Orange U.S.D.-Orange Sch.
Fin. Corp. Ctfs. of Part. A $2,435,000
dtd. 2-1-94
Placentia A $310,000
Placentia-Placentia Redev.
Agcy. Ctfs. of Part. dtd. Baa1 $3,135,000
4-1-94
Placentia Unif. S.D. (now
Placentia Yorba Linda A1 $470,000
U.S.D.
Placentia-Yorba Linda Unif.
S.D. 1994-95 Taxable Notes P-1 $50,000,000
Placentia-Yorba Linda Unif.
S.D. 1994 Taxable Notes, P-1 $50,000,000
Series B
Saddleback Comm. Coll.
Dist. Fac. Corp. Ctfs. of Baa1 $4,930,000
Part. (1991 Athletic Fac.
Refin. Proj.)
Santa Ana U.S.D. A1 $4,400,000
Santa Ana Water Rev. A1 $13,100,000
Santa Barbara Water Rev. A1 (1)
Santa Barbara-Santa Barbara
Pub. Fac. Corp. Ctfs. of A1 $17,650,000
Part. dtd. 4-1-89
Santa Barbara-Santa Barbara
Pub. Fac. Corp. Ctfs. of A1 $6,690,000
Part. dtd. 8-1-86
Santa Barbara-Santa Barbara
Redev, Agcy. Ctfs. of Part. A1 $13,840,000
Harbor Imp. Proj. dtd. 5-1-
86
Santa Barbara-Santa Barbara
Redev. Agcy. Ctfs. of Part. A1 $19,110,000
Harbor Imp. Proj. dtd. 5-1-
92
Seal Beach (TRANS) 1994 MIG 1 $2,100,000
Seal Beach Water Rev. Baa $205,000
So. Coast Wtr. Dist. Imp.
Dist. 1 (Form. So. Laguna A1 (3) $4,990,000
San. Dist)
Yorba Linda Co. Water Dist. A1 (1)
(W. Svc. Area).
Yorba Linda S.D. A $40,000
Yorba Linda Water A1 $5,840,000
Dist. Imp. Dist. 1
Yorba Linda-Yorba Linda
Pub. Fin. Auth. Ctfs. of A $3,050,000
Part. (Recycling Equip.
Proj.) dtd. 5-1-91
(1) Not available.
(2) Authorized amount.
(3) Uninsured portion.
(4) Suspended.
CONTACT: Moody's Public Finance Department
Karen Krop, 212/553-4860
Barbara Flickinger, 212/553-7736
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