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Fitch Downgrades Philadelphia Hsg Auth & Redevelopment Auth of Philadelphia Cap Fund Revs to 'AA-'

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings downgrades the following Philadelphia Housing Authority
and The Redevelopment Authority of the City of Philadelphia capital fund
bonds:

–$85.0 million Philadelphia Housing Authority capital fund program
(CFP) revenue bonds, series A of 2002 to ‘AA-’ from ‘AA’

–$65.0 million Redevelopment Authority of the City of Philadelphia
capital fund program revenue bonds series B of 2002 and series C D of
2003 to ‘AA-’ from ‘AA’

The Rating Outlook is Negative.

SECURITY

The bonds are secured by the public housing capital fund annual
appropriations, as well as debt service reserve fund sureties to cover
any timing delays in appropriations.

KEY RATING DRIVERS

DECLINING APPROPRIATION LEVELS: Philadelphia Housing Authority’s
appropriation amounts have drastically decreased in recent years,
falling 24% and 15% in 2011 and 2012 fiscal year (FY), respectively.

DECREASED DEBT SERVICE COVERAGE: Due to the declining appropriation
amounts, debt service coverage levels have fallen in 2012 FY to 4.10
times (x) before Fitch’s stressed scenarios and 3.31x after Fitch’s
stressed scenarios are placed.

BOND DEAL STRUCTURE: The structure allows payments to flow directly to
the trustee to pay debt service on a first priority basis.

MANAGEMENT OVERSIGHT: Philadelphia Housing Authority’s management has
consistently submitted capital plans to HUD in a timely manner and has
had no severe decrease in housing units.

WHAT COULD TRIGGER A RATING ACTION

DECLINES IN APPROPRIATIONS: Further declines in the capital fund annual
public housing appropriations may put debt service coverage levels below
current rating thresholds.

RATING CRITERIA

Fitch’s rating approach for housing bonds secured by annual
appropriations involves: a quantitative analysis of annual appropriation
amounts and the corresponding debt service coverage levels, review of
the legal structure of the agreement, and a qualitative analysis of
management oversight.

Fitch takes a conservative approach to analyzing appropriation amounts
and debt service coverage levels by identifying the main credit concern
of the bonds, appropriation risk. Fitch recognizes the escalating levels
of appropriation risk over time, or bonds with a longer maturity are
exposed to a higher degree of appropriation risk, and recalculates the
debt service coverage level to account for the volatility in annual
appropriation amounts. Fitch accounts for this by considering the base
appropriation level to be either the lowest amount received over the
past five years or 95% of the previous year’s funding, whichever is
lower. This base amount is then adjusted further depending on the
remaining years to maturity, with a 10% decrease for bonds five years to
maturity, a 15% decrease for 10 years to maturity, a 20% decrease for 15
years to maturity, and a 25% decrease for 20 years to maturity.

The final stressed appropriation amount is then used to calculate the
adjusted debt service coverage level, with a ‘AA’ rating yielding a
minimum debt service coverage level of 4.0x, ‘AA-’ rating needing a
minimum of 3.0x, ‘A+’ requiring a minimum of 2.0x, and a ‘A’ rating
having a minimum debt service coverage level of 1.5x.

In addition to quantitative measures, Fitch also reviews the legal
structure of the bonds. We review the annual contributions contract
(ACC) between the PHA and HUD for any items that would help mitigate the
risks associated with the PHA’s ability to pay bondholders. Fitch
specifically looks for the following items in an ACC: debt service
payments going directly from HUD to the trustee on a predetermined
schedule usually three days in advance of the debt service payment date,
or administrative sanctions not being able to delay payments of the debt
service or recapture funds approved for debt service payments.

The last component Fitch looks at is management performance and their
ability to meet HUD’s deadlines and requirements to receive annual
appropriations. Each year HUD requires public housing authorities to
submit one-year and five-year capital fund plans, in which funds are
only allocated after HUD’s approval of the plans. Since the start of the
capital fund program, agencies have been extremely successful in
submitting plans in a timely manner since appropriations are predicated
upon an agency’s ability to submit plans on time. Fitch confirms with
individual public housing authorities that plans were submitted to HUD.
Fitch also discusses the current progress of modernization projects and
the authority’s ability to finish the work to completion. Fitch monitors
the authority’s current number of housing units since it factors in the
capital fund appropriation formula, meaning if the number of housing
units decline, the portion of funds appropriated to an agency could also
decline.

CREDIT PROFILE

Credit concerns revolve around the volatility of appropriation amounts.
In recent years, appropriation amounts have drastically decreased which
has quickly eroded debt service coverage levels. Philadelphia Housing
Authority has seen debt service coverage levels drop to 4.10x from 6.30x
within the last two years, and under Fitch’s stressed scenarios,
Philadelphia Housing Authority’s debt service coverage levels have
fallen to 3.31x from 4.60x. The recent trend of declines in
appropriations and the remaining 10 years to maturity on the bonds are
the center of credit concerns and basis for the Negative Outlook on the
bonds.

The appropriation amounts, under HUD’s budget, are part of the U.S.
government’s general fund and are reliant upon the federal budget
process. This could potentially lead to political, economic, or
regulatory delays in the timing of the appropriations. All of these
concerns are somewhat mitigated by the legal structure of the bonds, the
fact that the federal government provided PHAs funds every year since
1937, and the debt service reserves. However, as the pressure mounts for
the federal government to lower their deficit, HUD’s budget is at risk
and may continue to decline.

Fitch recognizes that Philadelphia Housing Authority is one of the
moving to work (MTW) agencies, which allows them flexibility in
spending. A MTW agency has the ability to combine capital, operating,
and voucher funds and spend these funds interchangeably to suit the
current needs of the agency. This could potentially add security to the
capital fund bonds, as funds could be distributed from the combined
funds to pay bondholders. Although the potential security is there,
these funds are not pledged to the bondholders and therefore Fitch
awards no credit to Philadelphia Housing Authority for being a MTW
agency and subsequently does not include any funds other than the annual
appropriations into the calculation of debt service coverage levels.

Additional information is available at www.fitchratings.com.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research
–’Revenue-Supported
Rating Criteria’ (June 20, 2011);
–’Tax-Supported Rating Criteria’
(Aug. 15, 2011);
–’U.S. Municipal Structured Finance Rating
Criteria’ (Feb. 28, 2012).

Applicable Criteria and Related Research:
Revenue-Supported Rating
Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=637130
Tax-Supported
Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648898
U.S.
Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE WWW.FITCHRATINGS.COM.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF
THIS SITE.

Article source: http://finance.yahoo.com/news/fitch-downgrades-philadelphia-hsg-auth-152800470.html

Fitch Rates Massachusetts Water Resources Authority's $239MM Revs 'AA+'; Outlook Stable

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings assigns an ‘AA+’ rating to the following Massachusetts
Water Resources Authority’s (MWRA or the authority) bonds:

–Approximately $150 million general revenue bonds, 2012 series A’;

–Approximately $89.3 million general revenue refunding bonds, 2012
series B.

The general revenue bonds, 2012 series A and B are scheduled for
negotiated sale March 22. Proceeds of the 2012 series A bonds will
provide funds for the authority’s ongoing capital program while proceeds
of the series B bonds will refund outstanding bonds for cost savings
with no extension of maturity.

In addition, Fitch affirms the following ratings:

–$3.4 billion general revenue bonds at ‘AA+’;

–$1.1 billion subordinate general resolution revenue bonds at ‘AA’.

The Rating Outlook is Stable.

SECURITY:

MWRA’s debt is secured by senior and subordinated liens on net authority
revenues derived largely from wholesale rates and charges assessed on
local units of government. The bonds currently being issued will have a
cash-funded debt service reserve equal to average annual debt service.

KEY RATING DRIVERS

REGIONAL PROVIDER OF ESSENTIAL SERVICE: MWRA provides an essential
service to a large and diverse service area with strong economic
underpinnings.

STRONG PROTECTIONS ENSURE PAYMENT: Local governments served by the
authority are required to pay for MWRA services as a general obligation,
and non-payment is subject to a tested state aid intercept.

ABILITY TO SET RATES INDEPENDENTLY: The authority maintains independent
rate-setting authority, prudent budgetary practices, comprehensive
long-term planning, and vigilant project oversight and prioritization of
its capital program

DIMINISHED FLEXIBILITY: Financial flexibility has diminished over time
due to significant leveraging and notably high user charges.

EXPECTED DECLINE IN CAPITAL PROJECTS: The authority’s capital program
continues to transition from costly court-mandated projects to ongoing
rehabilitation.

IMPECCABLE COLLECTIONS: MWRA has achieved perfect collection rates of
100% since its inception.

ABUNDANT CAPACITY: The wholesale system benefits from an ample long-term
water supply and sufficient excess water and sewer treatment capacity.

CREDIT PROFILE

LARGE, DIVERSE SERVICE TERRITORY

MWRA provides wholesale water and wastewater services to 61 communities
located primarily in eastern Massachusetts. Almost 2.8 million people
(or 43% of the population of the commonwealth) reside in the authority’s
service areas. The largest of these is the city of Boston, which
contributes one-third of MWRA’s revenue derived from rates and charges
(Fitch rates the Boston Water and Sewer Commission’s general revenue
bonds ‘AA+’ with a Stable Outlook). The service areas are generally
economically diverse, and wealth levels are above state and national
averages.

The 61 local communities included in the service area are required to
pay for MWRA services as a general obligation and rate-setting is not
subject to any limitations, including the state’s Proposition 21/2.
These protections, coupled with the authority’s ability, pursuant to its
enabling act, to utilize a local aid intercept to recover amounts unpaid
by one of its member communities, excluding revenues of the Boston Water
and Sewer Commission, provide significant operating flexibility and are
important credit considerations.

HIGH RATES LIMIT FLEXIBILITY

MWRA’s rates are among the highest in the urban U.S. and an ongoing
credit concern as flexibility continues to diminish. However, the size
of needed rate hikes has trended downward as annual capital spending has
begun to decline in recent years.

Over the last five years the authority raised rates on average by a
moderate 3.6% annually over the last five years. For fiscals 2011 and
2012, the board adopted nominal rate hikes of 1.5% and 3.5%,
respectively, in order to give ratepayers some degree of rate relief
amid the economic downturn. Going forward, rates are forecast to rise by
an annual average of 6% through fiscal 2016 to keep pace with rising
debt service.

STABLE FINANCIAL PERFORMANCE

The authority’s financial operations have remained relatively stable
despite escalating debt service and the elimination of Commonwealth debt
service assistance. Fiscal 2011 ended with a sizeable operating surplus
that was prudently applied to the defeasance of approximately $22.6
million of senior lien obligations and a redemption of about $7 million
in subordinate bonds. Historical coverage on senior lien annual debt
service (ADS) has been strong, averaging 1.9 times (x) over the prior
five fiscal years, and all-in coverage has been adequate at just above
the 1.1x threshold established by bond resolution. Audited results for
fiscal 2011 show coverage of 1.7x and 1.1x on senior lien and all-in
ADS, respectively. Liquidity is good, with unrestricted cash remaining
at just above 300 days cash.

SUBSTANTIAL LEVERAGE TEMPERED BY IMPROVING CAPITAL CYCLE

MWRA’s capital program is now increasingly focused on completion of
combined sewer overflow (CSO) projects, regulatory compliance, and
system rehabilitation and maintenance following the massive capital
investments undertaken during the prior two decades. The fiscal years
2012-2016 capital improvement plan (CIP), which totals approximately
$1.2 billion and addresses substantially all current regulatory
compliance issues, is significantly reduced from prior CIPs, reflecting
the large scale of capital spending on the cleanup of Boston Harbor in
the 1990s and the completion of the majority of the CSO master plan.

Fitch believes future capital costs will remain manageable given MWRA’s
vigilant project oversight and its board’s self-imposed spending cap.
Funding for capital needs will continue to come almost entirely from
long-term borrowings, including revenue bonds and state loans.

The authority’s debt levels have been and will remain high for the
foreseeable future due to historical borrowings. Debt to net plant is
notably high at 94%, and annual debt service costs consume about half of
gross revenues. However, the authority’s capital cycle has declined
substantially over the last several years with annual spending now equal
to about half the amount expended each year in the 1990s. Fitch expects
this trend to continue.

SOUND OVERSIGHT OF VARIABLE-RATE DEBT PORTFOLIO

Exposure to variable-rate debt and derivatives is fairly sizeable,
although management’s demonstrated ability to prudently monitor debt
portfolio performance offsets this risk. Of the total amount of debt
outstanding, approximately 21% is variable rate with each series of
variable-rate bonds backed by liquidity agreements from a diverse pool
of liquidity providers. Almost two-thirds of outstanding variable-rate
debt is hedged through floating-to-fixed-rate swaps. The outstanding
notional amount totals $708 million, and the most recent (February 2012)
mark-to-market value of the swaps totaled negative $162.5 million.

Additional information is available at ‘www.fitchratings.com‘.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

–’Revenue-Supported Rating Criteria’ (June 20, 2011);

–’Water and Sewer Revenue Bond Rating Guidelines’ (Aug. 10, 2011);

–’2012 Water and Sewer Medians’ (Dec. 8, 2011);

–’2012 Outlook: Water and Sewer Sector’ (Dec. 8, 2011).

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=637130

U.S. Water and Sewer Revenue Bond Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647331

2012 Water and Sewer Medians

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=657111

2012 Outlook: Water and Sewer Sector

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=657110

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF
THIS SITE.

Article source: http://finance.yahoo.com/news/fitch-rates-massachusetts-water-resources-211300277.html

West York swimmer earns silver in PIAA Class AA 100 butterfly championship

LEWISBURG — When Bradley Strathmeyer came off of the final wall in the PIAA Class AA 100 butterfly championship at Bucknell University, he knew he had to move even faster.

The extremely close race was six swimmers across, and the West York senior could feel it as he headed toward the Kinney Natatorium pool wall.

But as is his custom, Strathmeyer bore down late and touched the wall in 51.49 seconds, which was good enough for a silver medal.

Quick in the first part of the race, Strathmeyer’s second half split of 27.20 seconds was the fastest of the top six finishers, which at the end were separated by just 1.25 seconds.

Only Salisbury’s Eric Tatum finished ahead of him, by a mere .29 seconds for the gold that Strathmeyer certainly

wanted. But the Bulldog looked down at the PIAA silver medal around his neck with pride.

“It was a great race. I am extremely satisfied. Besides, the silver matches the blue and white anyway,” he said of his West York warm-up suit. “Until (Saturday), then the gold will look better.”

That says all anyone needs to know about how Strathmeyer will approach his final high school swims.

Strathmeyer returns today as the No. 1 seed — by more than six seconds — in the 500 freestyle, an endurance race that he paced perfectly en route to YAIAA and District 3 championships this season.

“I am looking forward to (Saturday) for the gold,” he said. However, he won’t take it for granted and added: “Anything can happen.”

With

his own rooting section for inspiration, Strathmeyer looked to the stands at his parents and grandmother. He also had siblings, Brian and Paige, both former West York swimmers and Penn State students, yelling loudly.

“I heard them cheering, I love them to death. I need them here,” he said.

Strathmeyer ended up where he started the day after he posted the second best time in the morning preliminaries when he went 51.97. Only Ringgold’s Kyle Garase, who earned a bronze medal, went faster at

51.95. Tatum was third in prelims.

Bermudian Springs senior Nathan Sietz finished the 100 fly in 12th place with a 53.62 after his 53.87 in prelims helped him reach the consolation finals.

Gettysburg junior Phineas O’Brien-Milne also qualified for consolations in the boys 200 individual medley and placed ninth overall with a 2:00.06.

* * *

Bobcats on the board: Although Northeastern’s Becca Gross didn’t match her PIAA Class AA diving championships performance from 2011, this year’s meet was special.

The junior had the benefit of having Bobcats teammate Meghan McCurdy competing with her at the PIAA diving championship, making the experience better.

Gross scored 380.15

points and finished with a sixth-place medal one year after capturing bronze.

“It felt good to medal. It’s hard coming in third last year and going sixth this year,” Gross said. “(At least) I wasn’t alone in the hotel this year.”

She said she was not affected by a long delay before the finals because of a computer scoring glitch, adding that her semifinal round of three dives could have been better.

“I don’t think so, since my last section was better. In the second round, my dives could have been better,” Gross said.

The senior McCurdy capped her career, albeit a short one. A gymnast for many years, she took up diving before this season and ended it at the PIAA meet, finishing 13th with 344.55 points.

“I knew if I could

learn the dives I had a chance to get here. I never figured I would be able to get through all three rounds,” she said. “It was a good experience. It gave me something to work for coming from gymnastics.”

McCurdy was in medal contention for much of the afternoon, and she was in eighth place heading into the finals. However, a lower degree of difficulty over the final three dives cost her some points.

“I was aware of that coming in. I didn’t think it would be that much of a difference, but it was,” McCurdy.

Ashley Butcher of Trinity repeated as PIAA champion. The three-time District 3 champ accumulated 482.80 points, setting a state record in the process.

@stevenavaroli; 771-2060

Related: York Suburban’s Merkle rebounds despite computer malfunction.

Article source: http://www.ydr.com/rss/ci_20194134?source=rss

Lakota West grad Matt Klinker retires from pro baseball

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After bouncing between the Cincinnati Reds’ AAA and AA minor league teams for the past three seasons, West Chester native Matt Klinker has decided to retire from the game of baseball and is currently training to become a salesman for Pipe Products.

Klinker, who became the first Lakota West graduate to report to a major league camp last spring, started 18 games between AAA Louisville and AA Carolina before a rib injury ended his 2011 season.

Pitcher Matt Klinker became the first Lakota West graduate to open spring training at a major league camp when he played for the Cincinnati Reds during the spring of 2011. Photo taken by Joseph Fuqua II.

After suffering the injury, Klinker was sent home and forced to rest for six weeks.

“When I was at home resting, I thought it would be a good time to see what was out there,” Klinker said.

“I couldn’t find a job where I could justify leaving baseball. Then right around the time I was getting healthy again, just two days before I was going to leave to play winter ball in Venezuela, I got a great offer from Pipe Products.”

Currently, Klinker is training for his new job at the company’s headquarters off Rialto Rd. in West Chester. Eventually, he will work out of the company’s Houston office.

“The writing was also on the wall – 27 years old in AA and with a degree that could be put to use. The decision was pretty much made up for me,” Klinker said.

Since making his decision, some of Klinker’s closest friends have asked him: “So you will never go to a Reds game again will you?”

Klinker is quick to point out that nothing is further from the truth.

“They are a fantastic employer, they gave me a great opportunity that no other organization gave me,” he said. “I have nothing but praises for the Reds.”

Not only are there no hard feelings between Klinker and his former employer, the former professional pitcher still has many friends trying to make the big show.

“There are a ton of friends that play in the organization that are right on the cusp of having a big impact on the major league team. Guys like Devin Mesoraco and Zack Cozart,” Klinker said. “Those two guys are on the front of my mind as big-time, impact players for this season.”

Mesoraco and Cozart are both former teammates of Klinker’s in the minor leagues, who are expected to begin this season with significant roles with the major league club.

“As we come through the different levels of the minor leagues, you always wonder. You don’t talk about it a lot, but you always wonder – what guys are going to make it and what guys are going to be the future superstars,” Klinker said. “Mesoraco and Cozart are definitely those type of players.”

Some other prospects who Klinker has his eye on are relief pitchers Nick Christiani (AAA Louisville) and Donnie Joseph (AA Pensacola), as well as first baseman Donald Lutz and outfielder Denis Phipps. Both Lutz and Phipps were invited to the major league camp after breakout seasons in the minor leagues in 2011.

When describing the pitching prospects, Klinker said that Joseph is a hard-throwing lefty with control issues that be fixed easily with repetition – “he could be a big-time arm out of the bullpen (for the Reds).” Meanwhile, he describes Christiani as a smart pitcher with a great sinker and plus arm.

During his career, Klinker had four pitches in his repertoire – a four-seam fastball, a two-seam fastball (sinker), a changeup and a curve ball. His four seamer topped out at 94 mph, while his curve traveled around 70 mph.

In the Reds’ minor league system, from 2007 to 2011, Klinker won 37 games, lost 32, started 91, pitched 562 innings, struck out 464 batters and had a career 4.21 earned run average.

WestChesterBuzz.com interviewed Klinker each month last season as he pursued his dream of becoming a Major League Baseball pitcher – for all the updates visit http://westchesterbuzz.com/tag/matt-klinker/.

Posted in: Sports, Spring sports |

Tags: Tags: baseball, Cincinnati Reds, Cincinnati Reds baseball, Cincinnati Reds spring training, Denis Phipps Cincinnati Reds, Devin Mesocarco, Devin Mesocarco Cincinnati Reds, Donald Lutz, Donald Lutz Cincinnati Reds, Donnie Joseph, Donnie Joseph Cincinnati Reds, Lakota West, Lakota West baseball, Lakota West sports, Louisville Bats, Matt Klinker, Matt Klinker Cincinnati Reds, Matt Klinker retires, Nick Christiani, Nick Christiani Cincinnati Reds, spring training, Zack Cozart, Zack Cozart Cincinnati Reds

Article source: http://westchesterbuzz.com/2012/03/15/lakota-west-grad-matt-klinker-retires-from-pro-baseball/

King found guilty in 2nd degree murder trial

After the 2009 murder of Brian Armstrong at the Opelousas City Jail, one man has been found guilty of 2nd degree murder.

At the trial on Thursday, William King was found guilty. King and Armstrong and another man, Chadwick King, were in a holding cell together. Armstrong was found in the cell, stripped naked and beaten to death.

Armstrong was taken to jail after allegedly showing up to an AA meeting drunk and disturbing the peace by intoxication.

St. Landry Parish Sheriff’s Deputies charged William King and Chadwick King with second degree murder.

Chadwick King is still awaiting his trial later this month.

Article source: http://www.katc.com/news/king-found-guilty-in-2nd-degree-murder-trial/

Fitch Rates Pearland ISD, TX GO Refunding Bonds 'AAA' PSF; 'AA' Underlying; Outlook Stable

AUSTIN, Texas–(BUSINESS WIRE)–

Fitch Ratings has assigned an ‘AAA’ rating to the following Pearland
Independent School District, Texas’ (the district) unlimited tax (ULT)
bonds:

–$77.44 million refunding bonds, series 2012.

The ‘AAA’ rating is based on a guaranty provided by the Texas Permanent
School Fund (PSF) which is rated ‘AAA’ by Fitch. Fitch has also assigned
an underlying ‘AA’ rating to the 2012 bonds.

The bonds are expected to price via negotiation as early as March 20,
2012, pending market conditions. Proceeds from the sale of the bonds
will be used to refund a portion of the district’s currently outstanding
obligations and to pay issuance costs.

At this time, Fitch also assigns an ‘AA’ underlying rating to the
district’s $235.68 million outstanding ULT parity bonds.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by an unlimited ad valorem tax pledge of the
district. In addition, the bonds are secured by the Texas PSF, whose
bond guarantee program is rated ‘AAA’ by Fitch.

KEY RATING DRIVERS

STRONG FINANCIAL PROFILE: The district’s financial profile is a positive
credit factor, characterized by large reserve levels and a consistent
record of conservative budget practices.

ONCE RAPID GROWTH TO STABILIZE: Historically rapid growth of the
district’s population and tax base is expected to stabilize due to the
approaching of build-out capacity. Growth in taxable assessed valuation
(TAV) has slowed due to recessionary pressures but has still maintained
a positive trend.

STABLE AND DIVERSE ECONOMY: The local economic climate is favorable and
continues to demonstrate low unemployment, high wealth levels, and a
healthy local housing market despite the national recession.

ELEVATED DEBT BURDEN: The district’s overall debt burden is high, but
Fitch believes this risk is somewhat offset by the district’s limited
future capital demands, high wealth levels, and reasonable prospects for
continued growth of the tax base.

CREDIT SUMMARY

STABLE FINANCIAL PERFORMANCE, STRONG RESERVES

The district’s reserves are strong, as evidenced by an audited fiscal
2011 unrestricted general fund balance (committed, assigned and
unassigned balances per GASB 54) of $34 million (27% of spending). Fund
balances have exceeded 20% of spending for each of the past 10 fiscal
years, maintaining a high degree of financial flexibility through two
national recessions.

Recessionary pressures and state funding reductions led the district in
fiscal 2011 to project a modest $4.4 million deficit (3% of spending).
However, proactive budgetary controls (focusing primarily on early
retirement incentives and limited salary increases), conservative
enrollment forecasting, and the receipt of $2.9 million in federal
Education Jobs Bill stimulus funds resulted in an audited operating
surplus (after transfers) of $7.5 million.

Break-even results or a modest drawdown are expected for the close of
fiscal 2012. Preliminary plans for the fiscal 2013 budget include a
return to formula funding which is anticipated to allow continued growth
to the district’s revenue base, resulting in balanced operations and
maintenance of the strong fund balance.

The district’s recently adopted fund balance policy requires an
unrestricted balance equal to a prudent 25% of spending.

RESIDENTIAL COMMUNITY APPROACHING BUILD-OUT CAPACITY

Located in northeastern Brazoria County, the district is in a rapidly
growing residential and commercial sector of the Houston metropolitan
statistical area (MSA). Located entirely within the district, the City
of Pearland’s (GO bonds rated ‘AA’ by Fitch) population of 91,252 in
2010 has grown by 242% since the 2000 census. The city’s employment base
and labor force have each expanded at a rate in excess of 3% during the
12-month period ending in December 2011. The city’s unemployment rate of
6.3% in December 2011 is well below the state (7.1%) and national
averages (8.3%) for the same period. Wealth levels of the city’s
population are notably higher than those for the MSA, state, and nation.

Student enrollment has grown at a rate of 3% over the past five years,
and the district’s external demographer has recently forecast that trend
to slow slightly over the medium term, possibly reaching build-out
capacity by 2020. Given recent history and the comparatively strong
regional economy, Fitch believes this forecast is reasonable. The
district’s fall 2011 enrollment was approximately 19,247 students, well
under the existing enrollment capacity of 25,000.

The district’s TAV has expanded at a compound annual rate of 2.9% over
the past five fiscal years; growth has been more modest in recent years
due to the impact of the recession on homebuilding and property values.
Total market value for fiscal 2012 is $6.6 billion, and TAV totals $5.6
billion (a 0.04% increase from fiscal 2011). Despite a slowdown in home
sales, the median home price in the MSA has held steady at about
$150,000 ($183,000 within the district) and experienced very modest
swings in prices since 2005.

ELEVATED DEBT BURDEN

The district’s overall debt burden (net of refunding) is high at over
10% of fiscal 2012 market value and $7,377 per capita. Approximately 55%
of the debt burden is attributable to overlapping debt of the city of
Pearland and various municipal utility districts. The district’s debt
carrying costs (17% of spending) are also considered high by Fitch.
Payout is relatively slow at 39% repaid in 10 years, though not uncommon
among high-growth Texas school districts.

The district’s debt metrics will likely moderate over the intermediate
term based on the absence of major capital needs and borrowing plans,
and expectations for continued, albeit more moderate, tax base growth.

The district’s debt service tax rate (currently $0.38 per $100 of TAV)
is considered low and well below the attorney general’s tax rate cap for
new debt issuance of $0.50 per $100.

The district provides pension benefits through the Teacher Retirement
System of Texas (TRS). The TRS funded ratio, adjusted by Fitch for a 7%
investment rate of return, is satisfactory at nearly 75%, and the
district routinely funds 100% of its annual required contribution (ARC)
to TRS. In fiscal 2011 the district paid $499,459 into TRS, or a
negligible 0.4% of spending.

Additional information is available at ‘www.fitchratings.com‘.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

In addition to the sources of information identified in Fitch’s
Tax-Supported Rating Criteria, this action was additionally informed by
information from Creditscope, University Financial Associates,
SP/Case-Shiller Home Price Index, IHS Global Insight, Zillow.com,
National Association of Realtors, and the Municipal Advisory Council of
Texas.

Applicable Criteria and Related Research:

–’Tax-Supported Rating Criteria’ (Aug. 15, 2011);

–’U.S. Local Government Tax-Supported Rating Criteria’ (Aug. 15, 2011).

Applicable Criteria and Related Research:

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648898

U.S. Local Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648842

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF
THIS SITE.

Article source: http://finance.yahoo.com/news/fitch-rates-pearland-isd-tx-212700197.html

Fitch to Upgrade Monroe Dev Auth Oglethorpe Power Corp. Pollution Control Revs, 2010A to 'AA+/F1+'

NEW YORK–(BUSINESS WIRE)–

On the effective date of March 28, 2012, Fitch Ratings will upgrade to
‘AA+/F1+’ from ‘AA-/F1′ the ratings assigned to the $43,445,000
Development Authority of Monroe County pollution control revenue bonds
(Oglethorpe Power Corporation Scherer Project), series 2010A (‘bonds’).

The rating action will be in connection with the mandatory tender and
substitution of the irrevocable direct-pay letter of credit (LOC)
previously provided by Bank of America, N.A. (rated ‘A/F1′, Outlook
Stable) with a substitute LOC to be issued by Bank of Montreal (rated
‘AA-/F1+’, Outlook Stable).

The long-term rating will continue to be determined using Fitch’s
dual-party pay criteria and will be based jointly on the underlying
rating assigned to the bonds by Fitch (currently rated ‘A’, Outlook
Stable), and the support provided by the substitute LOC. The short-term
‘F1+’ rating will be based solely on the substitute LOC.

Fitch’s dual-party pay criteria consider the likelihood of the failure
of both a rated obligor and a bank LOC provider. The methodology results
in a long-term rating that is up to two notches higher than the stronger
of the two credits if the following conditions are met: (1) both
entities have a rating of ‘A’ or higher; (2) the transaction is
structured such that payments from both the municipal issuer and the
bank are in the flow of funds and both entities would have to fail to
perform before the bonds defaulted; and (3) the credit of the bank and
the rated obligor have no more than a medium degree of correlation.
Fitch has determined a low degree of correlation between Bank of
Montreal and the obligor which results in a long term rating of ‘AA+’
for the bonds. If either the underlying bond rating or the bank rating
were downgraded to ‘A-’ or lower, the dual-party pay criteria could no
longer be applied, and the long term rating assigned to the bonds would
then be adjusted to the higher of the bank rating and the underlying
bond rating.

Pursuant to the substitute LOC, the bank is obligated to make payments
of principal of and interest on the bonds upon maturity and redemption,
as well as purchase price for tendered bonds. The ratings will expire
upon the earliest of: (a) May 8, 2015, the initial stated expiration
date of the substitute LOC, unless such date is extended; (b) conversion
to a rate mode other than weekly or daily interest rate; (c) any prior
termination of the substitute LOC; and (d) defeasance of the bonds. The
substitute LOC provides full and sufficient coverage of principal plus
an amount equal to 45 days of interest at a maximum rate of 12% based on
a year of 365 days and purchase price for tendered bonds, while in the
weekly and daily rate modes. A mandatory tender of the bonds will occur
on the substitution date. The Remarketing Agent for the bonds will be
BMO Capital Markets.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

–’U.S. Municipal Structured Finance Rating Criteria’, Feb. 28, 2012;

–’Rating Guidelines for Letter of Credit-Supported Bonds’, July 26,
2011,

–’Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S.
Public Finance Bonds’, March 9, 2012.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Rating Guidelines for Letter of Credit-Supported Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647311

Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S.
Public Finance Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=673910

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF
THIS SITE.

Fitch Ratings
Primary Analyst
Joseph Staffa
Senior Director
+1-212-908-0829
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Mario Civico
Senior Director
+1-212-908-0796
or
Committee Chairperson
Trudy Zibit
Managing Director
+1-212-908-0689
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

Article source: http://ca.finance.yahoo.com/news/fitch-upgrade-monroe-dev-auth-133000106.html

Fitch Affirms Fort Bend ISD, TX GO Bonds at 'AA+' Underlying; Outlook Stable

AUSTIN, Texas–(BUSINESS WIRE)–

Fitch Ratings affirms the underlying rating on the following outstanding
obligations of Fort Bend Independent School District, Texas (the
district) as part of its continuous surveillance efforts:

–$963.4 million unlimited tax (ULT) bonds at ‘AA+’.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by an unlimited ad valorem tax pledge of the
district. In addition, the bonds are secured by the Texas Permanent
School Fund (PSF), whose bond guarantee program is rated ‘AAA’ by Fitch.

KEY RATING DRIVERS

STRONG FINANCIAL PROFILE: The district’s financial profile is a positive
credit factor, characterized by large reserve levels and a consistent
record of conservative budget practices.

STABLE AND DIVERSE ECONOMY: The local economic climate is favorable and
continues to demonstrate low unemployment, high wealth levels, and a
healthy local housing market despite the national recession.

HEALTHY GROWTH CONTINUES: Steady growth has been exhibited in both the
district’s tax base and student enrollment, and housing construction
continues in the area. Growth in taxable assessed valuation (TAV) has
slowed somewhat due to recessionary pressures but has still maintained a
positive trend. A recent study by the district’s external demographer
projects that the district’s enrollment growth will continue at an
annual rate of 1%-2%, which is in line with historical growth.

ELEVATED DEBT BURDEN: The district’s overall debt burden is high, but
Fitch believes the debt load currently is manageable due to the
district’s high wealth levels, relatively low carrying costs, ample new
issuance tax rate cap margin, and reasonable prospects for continued
growth of the tax base.

CREDIT SUMMARY

STABLE FINANCIAL PERFORMANCE

The district’s financial position is strong, as evidenced by an audited
fiscal 2011 unrestricted general fund balance (committed, assigned and
unassigned balances per GASB 54) of $137 million (30% of spending). Fund
balances have exceeded 20% of spending for each of the past 10 fiscal
years, maintaining a high degree of financial flexibility through two
national recessions. Recessionary pressures and state funding reductions
led the district in fiscals 2010 and 2011 to proactively declare
financial exigency, a Texas Education Agency prerequisite for
terminating contracted employees. This action allowed the school
district to eliminate nearly 1,000 positions (approximately 10% of its
workforce) to close a $22 million budget gap. Following the cuts, the
district continues to operate below state-recommended student-teacher
ratio limits.

Historically, the district’s proactive administrators have prudently
managed resources to sustain a healthy financial profile; this track
record largely mitigates concerns over the recent budgetary challenges.
The district’s increased fund balance reserve policy – to three months
from 20%, or about 2.5 months – indicates management’s commitment to
maintain its historically strong financial profile. Break-even results
or a modest drawdown are expected for the close of fiscal 2012.
Preliminary plans for the fiscal 2013 budget include a return to formula
funding which is anticipated to allow continued growth to the district’s
revenue base, resulting in balanced operations and maintenance of the
strong fund balance.

DESIRABLE RESIDENTIAL COMMUNITY

Located in northeastern Fort Bend County, the district is in a rapidly
growing residential and commercial sector of the Houston metropolitan
statistical area (MSA). Fort Bend County’s population, estimated at
585,375 in 2010, has grown by 65% since the 2000 census population count
of 354,452. Despite the slowdown in home sales, the median home price in
the Houston MSA has held steady at about $150,000 and experienced very
modest swings in prices since 2005. The county’s unemployment rate of
7.0% in November 2011 is well below the state (7.5%) and national
averages (8.2%) for the same period. In addition, the labor force grew
1.9% year-over-year in November. Wealth levels of the county’s
population are notably higher than those for the Houston MSA, state, and
nation.

Enrollment and the tax base have expanded in recent years, and continued
growth is anticipated. Student enrollment has grown at a rate of 1%-2%
over the past five years, and the district’s external demographer has
recently forecast that trend to continue at the same rate over the next
10 years. The district’s fall 2011 enrollment was approximately 69,200
students. Given recent history and the comparatively strong regional
economy, Fitch believes this forecast is reasonable.

The district’s TAV has expanded at a compound annual rate of 6.4% over
the past five fiscal years; growth has been more modest in recent years
due to the impact of the recession on homebuilding and property values.
Total market value for fiscal 2012 is $27.3 billion, and TAV totals
$23.9 billion (a 0.5% increase from fiscal 2011). Fitch housing data
indicate that the Fort Bend County housing market is performing well
relative to other markets in terms of new starts and housing prices.

ELEVATED DEBT BURDEN

The district’s overall net debt burden is high at over 10% of fiscal
2012 market value and $7,800 per capita. The high overall debt load
includes a large number of special districts in the area. Payout is
relatively slow at 37% repaid in 10 years, though not uncommon among
high-growth Texas school districts. The district has maintained a very
low debt-service tax rate (currently $0.30 per $100 of TAV), well below
the attorney general’s tax rate cap for new debt issuance of $0.50 per
$100. The debt burden is expected to remain manageable given the flat
amortization schedule of existing debt, the below-average carrying costs
(13% of General Fund spending), anticipated population and tax base
growth, and moderate near term capital needs.

Additional information is available at ‘www.fitchratings.com‘.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

In addition to the sources of information identified in Fitch’s
Tax-Supported Rating Criteria, this action was additionally informed by
information from Creditscope, University Financial Associates,
SP/Case-Shiller Home Price Index, IHS Global Insight, Zillow.com,
National Association of Realtors, and the Municipal Advisory Council of
Texas.

Applicable Criteria and Related Research:

–’Tax-Supported Rating Criteria’ (Aug. 15, 2011);

–’U.S. Local Government Tax-Supported Rating Criteria’ (Aug. 15, 2011).

Applicable Criteria and Related Research:

U.S. Local Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648842

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648898

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF
THIS SITE.

Article source: http://finance.yahoo.com/news/fitch-affirms-fort-bend-isd-221000137.html

Fitch Affirms Hueneme School District, CA's GO Bonds at 'AA-'; Outlook Stable

SAN FRANCISCO–(BUSINESS WIRE)–

Fitch Ratings has affirmed the following Hueneme School District,
California’s outstanding general obligation bonds (GO) at ‘AA-’.

–$22.5 million in outstanding GO bonds, election of 1997 series B,
election of 2000 series A and B, and election of 2004 series A and B.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by an unlimited ad valorem tax on all taxable
property within the district.

KEY RATING DRIVERS

SOUND FINANCIAL PROFILE: The district’s sound financial profile reflects
satisfactory unreserved fund balances, generally balanced financial
performance, and conservative budgeting practices. Liquidity has
suffered due to state funding deferrals.

VOLATILE STATE FUNDING ENVIRONMENT: Fitch’s concerns regarding the
uncertain state funding environment are somewhat mitigated by the
district’s demonstrated willingness to cut expenditures to match
declining revenues, its moderate degree of remaining expenditure
flexibility, and recent trend of increased enrollment.

LOW DEBT PROFILE: The district’s overall debt burden is likely to remain
low to moderate even if the district issues additional debt proposed to
be included in a November 2012 ballot measure.

LIMITED ECONOMY: The local economy is relatively limited with its focus
on military and agricultural concerns, somewhat below-average wealth
levels, and elevated unemployment rate.

CONTRACTING TAX BASE: Taxable assessed value (AV) declined for the
fourth consecutive year in fiscal 2012 resulting in a cumulative 11%
contraction since fiscal 2008.

CREDIT PROFILE

SOUND FINANCIAL PROFILE

The district’s financial performance improved after recording an
operating deficit (after transfers) in fiscal 2010, the district’s only
operating deficit in the past five audited years. Significant
expenditure reductions consisting of layoffs, increased class sizes,
furlough days, and other cost-saving measures offset decreased per-pupil
funding and resulted in a fiscal 2011 operating surplus (after
transfers) of $1.3 million or 2.1% of spending. The district’s
unrestricted fund balance (combined committed, assigned, and unassigned
balances under GASB 54) increased in fiscal 2011 to $7.6 million or a
satisfactory 12.2% of spending from $6.2 million (9.4%) in fiscal 2010.
Liquidity has suffered as a result of state funding deferrals. The
district issued approximately $12 million in tax revenue anticipation
notes in fiscal 2012, which is a $7.1 million increase from fiscal 2011.

District officials project a relatively small operating surplus in
fiscal 2012. Fitch views this projection as reasonable. Remaining
federal stimulus funds and additional revenue from increased enrollment
should offset per-pupil funding declines and the impact of the midyear
revenue cut, which amounted to approximately $325,000 for the district.

The district remains exposed to the state’s volatile funding
environment, which included a midyear revenue reduction in fiscal 2012
and additional proposed revenue ‘trigger’ cuts for fiscal 2013. Fitch’s
concern regarding the uncertainty associated with state funding is
somewhat mitigated by the district’s demonstrated willingness to cut
expenditures to offset revenue declines and its moderate amount of
remaining flexibility. District officials stated that remaining options
for additional savings include limited increases in class sizes,
negotiating concessions with labor groups, and reducing transportation
and other non-personnel expenses. In addition, the district has
benefited from a recent trend of increased enrollment that generates
additional per-pupil state funding.

LOW DEBT BURDEN

The district’s overall debt burden is low at $1,021 per capita and 1.7%
of AV. The district is seeking voter authorization this November to
issue an additional $25 million in GO bonds to finance information
technology infrastructure and facility improvements at various school
sites. The district’s overall debt burden would remain low to moderate
with the additional issuance at $1,454 per capita and 2.5% of AV.

The district participates in two statewide pension plans and
consistently makes the full annual required contribution. In fiscal
2011, the combined contribution was equal to a manageable 5.5% of
general fund spending. The district also has an unfunded but moderate
actuarial liability for other post-employment benefits.

LIMITED LOCAL ECONOMY

The district is located in Ventura County and covers approximately eight
square miles, including a portion of the city of Port Hueneme, a limited
portion of Oxnard, and adjacent unincorporated area. The district
provides elementary school education to approximately 7,975 students
(2012), which is a 259-student increase (3.4%) from fiscal 2009.

The local economy centers on agriculture, Port Hueneme’s deepwater port,
and a sizeable military presence with two naval bases located nearby.
Unemployment rates for Port Hueneme are unavailable, but the county’s
rate remained elevated at 9.8% in October 2011. Wealth levels in the
area are somewhat below average with per capita income and median
household income at 81% and 89%, respectively, of the state average. The
district’s AV contracted by 1.5% in fiscal 2012, marking the fourth
consecutive year of modest to moderate declines. The cumulative AV loss
since fiscal 2008 now stands at 11%.

Additional information is available at ‘www.fitchratings.com‘.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

In addition to the sources of information identified in Fitch’s
Tax-Supported Rating Criteria, this action was additionally informed by
information from Creditscope, University Financial Associates,
SP/Case-Shiller Home Price Index, IHS Global Insight, Zillow.com,
National Association of Realtors.

Applicable Criteria and Related Research:

–’Tax-Supported Rating Criteria’ (Aug. 15, 2011);

–’U.S. Local Government Tax-Supported Rating Criteria’ (Aug. 15, 2011).

Applicable Criteria and Related Research:

U.S. Local Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648842

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648898

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF
THIS SITE.

Article source: http://finance.yahoo.com/news/fitch-affirms-hueneme-school-district-212400935.html

Hollywood couple from Ripon, Modesto earn MJC honors

Casting director, Robert Ulrich and actor Kim Ulrich have been chosen as the 2012 Distinguished Alumni for Modesto Junior College and will be honored at the commencement ceremony on Friday, April 27, at 6 p.m. in the MJC Stadium.

 As MJC’s Distinguished Alumni, the couple will be presented with an award and have their names added to the perpetual plaque on display at MJC.

Kim Johnston Ulrich was born in Ripon and grew up playing in the almond orchards, swimming and cheerleading.  Kim graduated from Modesto Junior College with an AA degree in Fashion Merchandising. After attending several colleges, Kim moved back home to Ripon. She attended California State University, Stanislaus and obtained a B.A. in Art.  While attending CSU, Stanislaus, Kim participated in a theatre class and performed in a production of “Thieves Carnival” – which whet her appetite for acting. It was during a production of “Camelot” where Kim was doing the make-up for extra credit in an art class, that she met Modestan Robert Ulrich, who was playing the role of Lancelot.

When Kim married Robert, they moved to New York City where they spent their first 5 years of marriage.  It was in New York, where Kim began modeling and eventually started her career in acting.  Kim’s first major role was playing Diana McColl on the CBS soap opera, “As the World Turns”. After two years on the soap, Kim and Robert moved to Los Angeles, and Kim’s career flourished.

For the next 15 years, Kim worked in movies and television and appeared in such shows as “Cheers”, “Wings”, “St. Elsewhere”, “My Two Dads”, “Third Rock From the Sun” and “Murder She Wrote”, to name a few.  Kim played Allison Yates on the controversial NBC series “Nightingales” and in 1999 she re-entered the “soap world”, originating the role of Ivy Winthrop Crane on the quirky NBC soap opera, “Passions”. Kim played Ivy until “Passions” went off the air 9 years later.

This past year, Kim guest starred on CBS’s “NCIS”, CW’s “Supernatural”, and CBS’s “The Mentalist”.  Kim can also be heard narrating the “audio” young adult novel, “Willow”.

Robert J. Ulrich was born in Modesto.  He attended Modesto Junior College, earning an Associate of Arts degree in 1975.   After receiving a Bachelor of Arts degree from the University of the Pacific in Stockton, he obtained a master’s degree in English from the California State University, Stanislaus, and moved to New York City to pursue a vocation in acting. He eventually returned to California to begin a career in casting. While working at the prominent casting office of Reuben Cannon Associates, Robert met his future casting partners, Eric Dawson and Carol Kritzer. In 1989, Robert and Eric formed their own company, Ulrich/Dawson Associates.  Two years later, Carol Kritzer joined the firm and they formed Ulrich/Dawson/Kritzer Casting, now celebrating its 22nd year as a corporation.

Throughout his career, Robert has worked with a staggering array of talented producers including; Francis Ford Coppola, Jerry Bruckheimer, James Cameron, Ron Howard, Brad Pitt, Wolfgang Peterson, Anne Rice, Steven Bochco, Aaron Spelling, Gail Berman, Joel Surnow, Jodie Foster, and Ryan Murphy. Ulrich/Dawson/Kritzer is currently casting the following television series: “C.S.I.: Crime Scene Investigation”, “The Mentalist”, “Drop Dead Diva”, “In Plain Sight,” “Supernatural”, and the multiple Emmy nominated series “Dexter” and “Glee”. Previous hit shows include “Dark Angel”, “Saving Grace”, the critically acclaimed “Battlestar Galactica”, and the much loved ‘90s series, “Melrose Place”.

Two years ago, Robert’s career expanded to include on-camera work as he is now the host/mentor on Oxygen’s hit competition reality series, “The Glee Project”. 

For more information on the MJC Distinguished Alumni Awards, to join the MJC Alumni Association or to make a contribution to the MJC Foundation, contact their office at 209.575.6068.

Article source: http://www.mantecabulletin.com/section/1/article/37173/