Monterey, CA Real Estate - Monterey Homes for Sale - realtor.com® | Home Improvement Monterey CaHome Improvement Monterey Ca
SAN FRANCISCO--(BUSINESS WIRE)--Fitch Ratings affirms the afterward appraisement for Monterey County, CA:
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Monterey CA Luxury Homes For Sale - 105 Homes | Zillow | Home Improvement Monterey Ca--$125.4 actor certificates of accord (COPs), Series 2007 at 'AA-'.
In addition, Fitch assigns an adumbrated absolute accepted obligation (GO) band appraisement of 'AA' to the county.
The Appraisement Outlook is Stable.
SECURITY
The COPs are anchored by canton charter payments for use of basic assets and are accountable to abatement. The canton has covenanted to account and adapted for charter payments annually.
KEY RATING DRIVERS
MIXED ECONOMIC RESULTS: Monterey County's abridgement shows alloyed after-effects over the accomplished 12 months with both connected apartment weakness and abstinent application growth. The county's agronomical and tourism abject continues to accomplish acerb but apartment prices abide depressed afterward declines of added than 60% from aiguille levels.
STABLE OPERATIONS: Monterey Canton maintained its solid banking position during the contempo abatement admitting acutely bargain tax revenues and a planned multi-year drawdown of armamentarium balance. The county's 2013 account is counterbalanced after the use of affluence and complete armamentarium antithesis levels abide healthy.
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Monterey, CA 5-Bedroom Homes for Sale - realtor.com® | Home Improvement Monterey CaSTRONG MANAGEMENT: Banking administration is strong, with advantageous assets policies, approved ecology and acclimation of budgets during the budgetary year, and alive use of multi-year banking forecasts to adviser abiding account strategy.
HOSPITAL TURNAROUND: Banking and operating after-effects for the county's accessible hospital accept bigger clearly over the accomplished several years, with no canton accepted armamentarium subsidies appropriate to account hospital deficits back budgetary 2008.
LOW DEBT: All-embracing debt levels are low and liabilities for retiree allowances are manageable.
CREDIT PROFILE
MIXED ECONOMIC RESULTS
Monterey County's abridgement fared bigger than abundant of the accompaniment of California during the contempo recession. The county's able-bodied agronomical area has outperformed the all-embracing economy, and its ample government area has been a antecedent of stability. The tourism area was adamantine hit, as reflected in an 11% bead in auberge taxes in 2010 and declines in leisure and accommodation amount employment, but rebounded acerb in 2011.
The county's abandoned amount has commonly exceeded accompaniment and civic averages due to the ascendancy of the melancholia agronomical and tourism industries. This gap decreased during the contempo recession as the bounded job bazaar outperformed the accompaniment and nation, and the canton has recorded baby job increases for 10 after months. Unemployment ante remained animated admitting such improvements at 12.5% for 2011 as compared to accompaniment and civic ante of 11.7% and 9%, respectively.
The bounded absolute acreage bazaar has connected to ache afterward the housing-led recession, but Monterey's affluent littoral communities accept provided some stability; this affection differentiates the canton from the state's hardest hit apartment markets. Assessed ethics (AV) fell a almost balmy 3.5% in budgetary 2010 and 4.1% in budgetary 2011, with bashful advance projected for 2012 and 2013. Home prices abide beneath 60% of aiguille levels but accept apparent accretion signs of adherence in the aboriginal bisected of 2012.
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Club House - Monterey Real Estate - Monterey CA Homes For Sale ... | Home Improvement Monterey CaSTABLE OPERATIONS
The canton has maintained abiding operations and a able banking position in contempo years admitting abundant acquirement declines. Accepted armamentarium tax revenues fell by 20% ($35.6 million) amid budgetary 2008 and budgetary 2011, with no agnate abridgement in canton responsibilities for casework adjourned from such revenues. Administration addressed these losses through a multi-year plan accumulation workforce attrition, austere amount controls, and bound use of armamentarium balance. In addition, administration afresh adjourned increases in agent alimony contributions, which are accepted to accommodate $8 actor in anniversary accumulation countywide. The budgetary 2013 account was counterbalanced after the use of reserves, but the canton will be challenged to advance abiding operations over the abutting several years with accepted continuing acquirement weakness and advancing amount pressures.
STRONG MANAGEMENT
The county's able administration is reflected in its abiding operations during the contempo abatement and the acknowledged turnaround of its hospital activity afterward a history of arrears operations. No accepted armamentarium subsidies accept been appropriate for the hospital back 2008, and operating metrics abide to appearance anniversary improvements. Administration efforts are accurate by all-encompassing banking behavior and multi-year forecasting.
LOW DEBT LEVELS
Overlapping debt levels are low at 1.6% of AV and $1,966 per capita. While basic needs are sizable, administration letters some adaptability apropos timing and ambit of assertive projects. The county's unfunded alimony and added post-employment account (OPEB) obligations are acquiescent and the canton has amorphous to pay bottomward its OPEB accountability over a 20-year acquittal period.
Additional advice is accessible at 'www.fitchratings.com'. The ratings aloft were solicited by, or on account of, the issuer, and therefore, Fitch has been compensated for the accouterment of the ratings.
In accession to the sources of advice articular in Fitch's Tax-Supported Appraisement Criteria, this activity was additionally abreast by advice from CreditScope, University Banking Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, Zillow.com, and Civic Association of Realtors.
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1073 8th St, Monterey, CA 93940 - realtor.com® | Home Improvement Monterey CaApplicable Criteria and Related Research:
--'Tax-Supported Appraisement Criteria' (Aug. 14, 2012);
--'U.S. Bounded Government Tax-Supported Appraisement Criteria' (Aug. 14, 2012).
Applicable Criteria and Related Research:
Tax-Supported Appraisement Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015
U.S. Bounded Government Tax-Supported Appraisement Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314
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