Fitch U.S. Muni Surveillance: San Luis Obispo, California POBs & COPs Affirmed at ´AA-´

In the course of routine surveillance, Fitch Ratings has affirmed the ´AA-´ ratings on the following outstanding debt for San Luis Obispo County, California (the county): --$129 million taxable pension obligation bonds (POBs); --$47 million certificates of participation (COPs). The taxable POBs are secured by an absolute and unconditional pledge of the county imposed by law. The COPs are secured by lease rental payments made by the county for the use and occupancy of various essential county assets. The Rating Outlook is Stable. The ´AA-´ rating reflects the general credit characteristics of the county, which include a historically stable economy, solid financial performance marked by strong fund balances, and very low debt burden, as well as continuing uncertainty surrounding state budget appropriations. The county is well... [read full story]