Fitch Affirms Ratings for 3 Redding Redevelopment Agency Bonds

Worldwide agency Fitch Ratings has affirmed its ratings for Redding Redevelopment Agency (RRA) tax allocation bonds in three project areas: Canby-Hilltop-Cypress, SHASTEC, and Market Street.

Despite recent state legislation to eliminate or extract payments from redevelopment agencies, Fitch did not find it to be a material credit weakness as it found adequate continued debt service repayment from net incremental revenues. Bonds issued within each project area are utilized for infrastructure and other improvements and repaid through resulting increase in property assessed valuation or “increment.”

The affirmed ratings for the Project Areas are: Canby-Hilltop-Cypress, “A”; SHASTEC, “A-“; and Market Street, “A-“.

Click here for details on the Canby-Hilltop Cypress Project bond.

Click here for details on the SHASTEC bond.

Click here for details on the Market Street bond.

-from press release

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