Ambac Financial Group, Inc. (Public, NYSE:ABK)
Alguém me pode explicar o que está a acontecer com esta menina??
Afinal na Semana passada ouve pessoas a comprarem milhares e alguns fundos milhoes de acçoes na casa dos 0.10 USD, e agora parece que ate deu 0.47 por acção, que se passa, Parece que vaiemergir da Bancarrota, porque está a descer tanto??Dizem que nao retribuem em acçoes as acçoes com o "Q", será isso..
Afinal na Semana passada ouve pessoas a comprarem milhares e alguns fundos milhoes de acçoes na casa dos 0.10 USD, e agora parece que ate deu 0.47 por acção, que se passa, Parece que vaiemergir da Bancarrota, porque está a descer tanto??Dizem que nao retribuem em acçoes as acçoes com o "Q", será isso..
-
- Mensagens: 1003
- Registado: 14/3/2009 21:36
- Localização: 15
Obrigado AC, mas se não for pedir muito, é possível acrescentar um comentário sabendo que é uma cotada muito volátil, capaz do melhor como do pior e sabendo que ela não se encontra muito longe da sua linha de suporte ( 0.40-0.45).Será um risco investir nela sabendo também que Ambac está a beira da banquerota?
- Mensagens: 9
- Registado: 23/4/2010 22:44
- Localização: Faro
ENZOFILIPE Escreveu:Boa tarde,
Será que é possível actualizar está cotada, sabendo que entrei a 0.60$.Obrigado e bons negocios a todos.
Aqui está...
- Anexos
-
- 375916530.png (47.6 KiB) Visualizado 3158 vezes
AC Investor Blog
www.ac-investor.blogspot.com -
Análises Técnicas de activos cotados em Wall Street. Os artigos do AC Investor podem também ser encontrados diariamente nos portais financeiros, Daily Markets, Benzinga, Minyanville, Solar Feeds e Wall Street Pit, sendo editor e contribuidor. Segue-me também no Twitter : http://twitter.com/#!/ACInvestorBlog e subscreve a minha newsletter.
www.ac-investor.blogspot.com -
Análises Técnicas de activos cotados em Wall Street. Os artigos do AC Investor podem também ser encontrados diariamente nos portais financeiros, Daily Markets, Benzinga, Minyanville, Solar Feeds e Wall Street Pit, sendo editor e contribuidor. Segue-me também no Twitter : http://twitter.com/#!/ACInvestorBlog e subscreve a minha newsletter.
-
- Mensagens: 4891
- Registado: 8/12/2007 23:01
- Localização: Vila Nova de Gaia
AC Investor Blog Escreveu:Fica o boneco actualizado..... Uma ida á MM50 é quase certa no curto prazo...
Acredito que seja verdade mas o que me parece é que irá fazer mínimos novamente pois ultrapassou o suporte e está em canal descendente.
Eventualmente após ida à MM50!
Essencialmente o que acredito é que poderá ir à MM50 e descerá para novos mínimos para criar um suporte forte (eventualmente um duplo fundo) e nessa altura sim consolidar a subida.
AC, se pudesse justificar a ida à MM50 agradecia.
Pelo gráfico, parece-me que o volume está baixo, o estocástico está alto, o MACD está sem sinal!
E que tal a MBI para comparação. O mesmo sector e o mesmo tipo de problemas mas situações gráficas aparentemente diferentes.
BN
- Mensagens: 55
- Registado: 7/11/2008 20:22
- Localização: 14
Fica o boneco actualizado..... Uma ida á MM50 é quase certa no curto prazo...
- Anexos
-
- sc.png (31.76 KiB) Visualizado 3730 vezes
AC Investor Blog
www.ac-investor.blogspot.com -
Análises Técnicas de activos cotados em Wall Street. Os artigos do AC Investor podem também ser encontrados diariamente nos portais financeiros, Daily Markets, Benzinga, Minyanville, Solar Feeds e Wall Street Pit, sendo editor e contribuidor. Segue-me também no Twitter : http://twitter.com/#!/ACInvestorBlog e subscreve a minha newsletter.
www.ac-investor.blogspot.com -
Análises Técnicas de activos cotados em Wall Street. Os artigos do AC Investor podem também ser encontrados diariamente nos portais financeiros, Daily Markets, Benzinga, Minyanville, Solar Feeds e Wall Street Pit, sendo editor e contribuidor. Segue-me também no Twitter : http://twitter.com/#!/ACInvestorBlog e subscreve a minha newsletter.
-
- Mensagens: 4891
- Registado: 8/12/2007 23:01
- Localização: Vila Nova de Gaia
Ambac regista prejuízos de 1,84 mil milhões de euros no quarto trimestre
25/02/2009
A Ambac Financial Group terminou o quarto trimestre do ano passado com perdas de 2,34 mil milhões de dólares (1,84 mil milhões de euros), com as contas da empresa a serem penalizadas por amortizações mil milhões de dólares em crédito malparado.
A seguradora de obrigações registou prejuízos de 2,34 mil milhões de euros, ou 8,14 dólares por acção, nos últimos três meses de 2008. Excluindo as alterações no valor dos activos, as perdas da companhia seriam de 6,79 dólares por acção, muito acima das previsões dos analistas consultados pela Bloomberg, que esperavam prejuízos de 1,80 dólares por acções.
Desde os máximos de 2007, as acções da Ambac afundam 99%, com o valor da empresa a descer para menos de 300 milhões de dólares.
A Ambac e a MBIA, a sua concorrente, foram fortemente penalizadas pela crise financeira, com as instituições a serem confrontadas com elevadas amortizações de activos.
O “rating” da entidade atribuído pela Moody’s recuou para “Baa1”, três níveis apenas acima de ‘junk’, enquanto a Standard & Poor’s tem estado a rever o “rating” de “A” da seguradora.
--------------------------------------------------------------------------------
Banco BPI
25/02/2009
A Ambac Financial Group terminou o quarto trimestre do ano passado com perdas de 2,34 mil milhões de dólares (1,84 mil milhões de euros), com as contas da empresa a serem penalizadas por amortizações mil milhões de dólares em crédito malparado.
A seguradora de obrigações registou prejuízos de 2,34 mil milhões de euros, ou 8,14 dólares por acção, nos últimos três meses de 2008. Excluindo as alterações no valor dos activos, as perdas da companhia seriam de 6,79 dólares por acção, muito acima das previsões dos analistas consultados pela Bloomberg, que esperavam prejuízos de 1,80 dólares por acções.
Desde os máximos de 2007, as acções da Ambac afundam 99%, com o valor da empresa a descer para menos de 300 milhões de dólares.
A Ambac e a MBIA, a sua concorrente, foram fortemente penalizadas pela crise financeira, com as instituições a serem confrontadas com elevadas amortizações de activos.
O “rating” da entidade atribuído pela Moody’s recuou para “Baa1”, três níveis apenas acima de ‘junk’, enquanto a Standard & Poor’s tem estado a rever o “rating” de “A” da seguradora.
--------------------------------------------------------------------------------
Banco BPI
Na bolsa só se perde dinheiro.Na realidade só certos Iluminados com acesso a informação privilegiada aproveitam-se dos pequenos investidores para lhes sugarem o dinheiro.
-
- Mensagens: 3639
- Registado: 13/6/2004 20:52
- Localização: Lisboa
tghmc Escreveu:Crómio,
Eu sei que o duplo fundo, só o é, ao ultrapassar a ponta do vértice W por volta dos 5,5.
Estou, é a querer chamar a atenção, de um possível inicio para a formação desse “W”, que ao atingir a ponta do vértice já esta com uma valorização de 62%.
OK, não deu para ver isso a partir do texto que acompanhava o gráfico.
Só quis ajudar.
Um Abraço e já agora... obrigado pela dica
There are two kinds of investors: those who don't know where the market is headed, and those who don't know that they don't know.
William Bernstein
William Bernstein
-
- Mensagens: 2745
- Registado: 2/11/2007 16:52
Crómio,
Eu sei que o duplo fundo, só o é, ao ultrapassar a ponta do vértice W por volta dos 5,5.
Estou, é a querer chamar a atenção, de um possível inicio para a formação desse “W”, que ao atingir a ponta do vértice já esta com uma valorização de 62%.
Eu sei que o duplo fundo, só o é, ao ultrapassar a ponta do vértice W por volta dos 5,5.
Estou, é a querer chamar a atenção, de um possível inicio para a formação desse “W”, que ao atingir a ponta do vértice já esta com uma valorização de 62%.
Um abraço
TGHMC
TGHMC
-
- Mensagens: 99
- Registado: 29/11/2007 13:49
- Localização: 14
Re: Update
tghmc Escreveu:Duplo Fundo
Atenção, o duplo fundo só é duplo fundo quando ultrapassar a ponta do vértice do W (por volta de 5.5).
No entanto mesmo assim pode não ser um duplo fundo e sim um falso break, pode até vir a ser um triplo fundo...
Temos sempre que estar abertos a todos os cenários possíveis, uns mais prováveis que outros mas sempre possíveis.
Assim não somos apanhados desprevenidos.
Um abraço
There are two kinds of investors: those who don't know where the market is headed, and those who don't know that they don't know.
William Bernstein
William Bernstein
-
- Mensagens: 2745
- Registado: 2/11/2007 16:52
NEW YORK, May 16 (Reuters) - MBIA Inc and Ambac
Financial Group's bond insurance arms remain at risk of downgrade, though the loss of the top ratings would be unlikely to create the systemic meltdown that was previously feared,
Barclays Capital said.
MBIA and Ambac, also known as monolines, this month reported losses for the first quarter, weighed down by exposures to risky residential mortgage-backed debt.
"Over the past few months, the level of market interest in the monoline financial guarantors has waned appreciably," Barclays analyst Seth Glasser said in a report sent late on Thursday. However, "many individual insurers remain at
heightened risk of losing their AAA ratings."
The ratings of MBIA and Ambac's bond insurance arms were placed on review for downgrade in January by major U.S. rating agencies, sparking a broad sell-off in credit markets as investors fretted a downgrade would create large losses in municipal and other debt.
Moody's Investors Service and Standard & Poor's have since affirmed the ratings at "AAA." Moody's on Tuesday, however, said that incurred losses by the two companies are now "meaningfully higher" than it had expected, and raised concerns about their capital levels.
Moody's also noted that bond insurers have "significant exposure" to second-lien residential mortgage debt, which is
experiencing high loss rates.
"Clearly, the degree of future losses on these classes of deals, as well as those classes which have not yet experienced material ratings downside or collateral loss such as Alt-A, remains critical to whether the monolines will need to raise
additional capital," said Barclays Glasser.
Plunging prices of the companies' stock and hybrid bonds make it challenging for the insurers' to sell securities to raise capital and outside companies may be reluctant to invest, however.
"We find it increasingly possible that the monolines may not be able to raise the capital required to placate the rating agencies if they again make changes to their capital models in
the coming months," Glasser said.
Ambac spokeswoman Vandana Sharma said the company doesn't believe it will need to raise funds in the capital markets as it is accumulating a capital cushion from its existing business.
"We think that whatever (Moody's) view of the second-lien portfolio is we'll be able to meet it," she said.
MBIA spokesman Jim McCarthy said that the subprime second lien pools that are the subject of Moody's report are significantly different to those guaranteed by MBIA.
"We are comfortable with the loss reserves and stress analysis we reported to the market and believe we are well capitalized to satisfy all claims on our insured portfolio and
meet AAA requirements," he said.
SYSTEMIC IMPACT?
Fears that the downgrades could create systemic problems have subsided, though the impact would still be felt, said Glasser.
Investment banks have significant exposure to bond insurers, however the write downs would not be as large as losses banks are taking to mortgage bonds, Glasser said.
The municipal debt market would likely be affected by ratings downgrades, though months of uncertainty over the ratings has given issuers and investors time to prepare for the possibility, which would likely reduce the impact.
The impact could also be felt in the commercial paper markets, and potentially any downgrades may raise liquidity fears again in these markets, Glasser said.
However, "overall, we take the view that, should MBIA and Ambac get downgraded, the impact on the broader global financial markets would wind up being less significant than was feared six months ago," he added.
(Reporting by Karen Brettell; Editing by Chizu Nomiyama,)
((karen.brettell@thomsonreuters.com; +1 646 223 6274; Reuters
Messaging: karen.brettell.reuters.com@reuters.net ))
Keywords: BONDINSURERS BARCLAYS/
Financial Group's bond insurance arms remain at risk of downgrade, though the loss of the top ratings would be unlikely to create the systemic meltdown that was previously feared,
Barclays Capital said.
MBIA and Ambac, also known as monolines, this month reported losses for the first quarter, weighed down by exposures to risky residential mortgage-backed debt.
"Over the past few months, the level of market interest in the monoline financial guarantors has waned appreciably," Barclays analyst Seth Glasser said in a report sent late on Thursday. However, "many individual insurers remain at
heightened risk of losing their AAA ratings."
The ratings of MBIA and Ambac's bond insurance arms were placed on review for downgrade in January by major U.S. rating agencies, sparking a broad sell-off in credit markets as investors fretted a downgrade would create large losses in municipal and other debt.
Moody's Investors Service and Standard & Poor's have since affirmed the ratings at "AAA." Moody's on Tuesday, however, said that incurred losses by the two companies are now "meaningfully higher" than it had expected, and raised concerns about their capital levels.
Moody's also noted that bond insurers have "significant exposure" to second-lien residential mortgage debt, which is
experiencing high loss rates.
"Clearly, the degree of future losses on these classes of deals, as well as those classes which have not yet experienced material ratings downside or collateral loss such as Alt-A, remains critical to whether the monolines will need to raise
additional capital," said Barclays Glasser.
Plunging prices of the companies' stock and hybrid bonds make it challenging for the insurers' to sell securities to raise capital and outside companies may be reluctant to invest, however.
"We find it increasingly possible that the monolines may not be able to raise the capital required to placate the rating agencies if they again make changes to their capital models in
the coming months," Glasser said.
Ambac spokeswoman Vandana Sharma said the company doesn't believe it will need to raise funds in the capital markets as it is accumulating a capital cushion from its existing business.
"We think that whatever (Moody's) view of the second-lien portfolio is we'll be able to meet it," she said.
MBIA spokesman Jim McCarthy said that the subprime second lien pools that are the subject of Moody's report are significantly different to those guaranteed by MBIA.
"We are comfortable with the loss reserves and stress analysis we reported to the market and believe we are well capitalized to satisfy all claims on our insured portfolio and
meet AAA requirements," he said.
SYSTEMIC IMPACT?
Fears that the downgrades could create systemic problems have subsided, though the impact would still be felt, said Glasser.
Investment banks have significant exposure to bond insurers, however the write downs would not be as large as losses banks are taking to mortgage bonds, Glasser said.
The municipal debt market would likely be affected by ratings downgrades, though months of uncertainty over the ratings has given issuers and investors time to prepare for the possibility, which would likely reduce the impact.
The impact could also be felt in the commercial paper markets, and potentially any downgrades may raise liquidity fears again in these markets, Glasser said.
However, "overall, we take the view that, should MBIA and Ambac get downgraded, the impact on the broader global financial markets would wind up being less significant than was feared six months ago," he added.
(Reporting by Karen Brettell; Editing by Chizu Nomiyama,)
((karen.brettell@thomsonreuters.com; +1 646 223 6274; Reuters
Messaging: karen.brettell.reuters.com@reuters.net ))
Keywords: BONDINSURERS BARCLAYS/
-
- Mensagens: 19
- Registado: 16/5/2008 22:05
Eu pessoalmente continuo atento às financeiras, a história já deixou bem claro que as maiores oportunidades de negócio surgem nos sectores mais impopulares do momento, nos títulos de que ninguém quer ouvir falar.
A inversão há-de dar-se e, quando começar, pode ter um longo caminho ascencional a percorrer . Mas continua a ser cedo para entrar nelas. Embora uma cruz costume marcar inversão de tendência, parece-me ainda muito cedo para arriscar uma entrada.
E com tanto fumo ainda a ofuscar os mais ténebres resultados das financeiras, o melhor é arriscar-nos a perder um pouco da subida.
Mas continua a fazer updates, é bom elas estarem bem debaixo de olho, não se vão lembrar de disparar por aí acima sem avisar
A inversão há-de dar-se e, quando começar, pode ter um longo caminho ascencional a percorrer . Mas continua a ser cedo para entrar nelas. Embora uma cruz costume marcar inversão de tendência, parece-me ainda muito cedo para arriscar uma entrada.
E com tanto fumo ainda a ofuscar os mais ténebres resultados das financeiras, o melhor é arriscar-nos a perder um pouco da subida.
Mas continua a fazer updates, é bom elas estarem bem debaixo de olho, não se vão lembrar de disparar por aí acima sem avisar
-
- Mensagens: 2032
- Registado: 24/11/2007 23:02
- Localização: Pinhal Novo
(The following statement was released by the ratings agency)
May 2
San Dieguito Public Facilities Authority, CA
Municipality
CA
MOODY'S RATING
Revenue Refunding Bonds, Series 2006A
Rating: A3
Sale Amount: $75,345,000
Expected Sale Date: 05/06/2008
Rating Description: Special Tax (Not Property or Sales)
OPINION
Moody's Investors Service has assigned an A3 rating to the
San Dieguito Public Facilities Authority Revenue Refunding Bonds,
Series 2006A (Senior Bonds) in the approximate amount of $75.3
million. The bonds are secured by Special Tax revenues derived
from nine Community Facilities Districts (CFDs) whose underlying
strength is a key rating factor. Also key is the structure of the
financing, which includes a fully-funded reserve for the
Authority bonds rather than at the individual CFD level. The
rating on the Series 2006A bonds also is based upon strong
anticipated debt service coverage of these senior obligations,
bolstered by the certainty derived from the fact that the bonds
will be sold at a fixed rate for their remaining term. The
current issue, together with an approximately $12 million
subordinate Series 2006B, a $2 million third lien issue, special
tax prepayments, unspent bond proceed and other reserves, are
refunding the San Dieguito Public Facilities Authority Revenue
Refunding Bonds, Series 2006 which are currently in auction rate
mode, as well as the termination payment of the related swap. The
current financings comprise remarketings under the Series 2006
indenture.
LARGE, WEALTHY RESIDENTIAL TAX BASE
The rating on the Series 2006A bonds is based largely on the
fundamental strengths of the nine CFDs involved in the
transaction. The core credit positive of this financing is the
size, strength and diversity of these CFDs, which are all
residential and characterized by exceptional wealth and property
values, as well as low tax burdens. The rating incorporates the
credit characteristics of the participating CFDs in the aggregate
rather than individually, an approach made possible by the
establishment of an aggregate reserve fund for the Authority
bonds rather than individual reserve funds for each of the CFD
obligations to the Authority. The Series 2006A bonds will include
a standard-sized reserve funded through a surety provided by
Ambac.
The nine CFDs in the pool are located along the coast in
northern San Diego County (Issuer Rating Aa2). In the aggregate
the CFDs comprised over 7,300 developed parcels, up by nearly
2,000 parcels since 2004. The largest CFD, with 32% of the total
parcels, is CFD 94-2 located within the city of Carlsbad. Of
almost equal size is CFD 95-1 representing 27% of parcels,
located near the city of Del Mar. CFD 94-3, containing 11% of the
total, is located within the city of Encinitas. Of the remaining
CFDs, one comprises parcels in both Carlsbad and Encinitas, while
the rest are located in unincorporated county areas. In the
aggregate, fiscal 2008 assessed value (AV) in the CFDs totals
$7.1 billion, more than double their total value in fiscal 2003.
While statistics are not available for the individual CFDs,
wealth levels appear to be very high, consistent with neighboring
communities. In the context of these wealth levels and the high
property values in the districts, the special taxes are very
affordable. Per capita income exceeded 150% of state levels in
the cities of Carlsbad and Encinitas (Aa2 Issuer Rating) and 270%
in Del Mar (Aa3 G.O. rating) as of the 2000 Census; median family
income stood at approximately 160% of state levels in Encinitas
and Carlsbad and nearly 290% in Del Mar.
The special taxes associated with the participating CFDs are
very affordable in light of prevailing incomes, generally ranging
from $570 to $855 annually. Only CFD 03-1 is taxing significantly
higher at over $1,000 in some cases. CFD 03-1 is being developed
to provide more "affordable" housing, with home prices
anticipated to be in the hundreds of thousands of dollars as
compared with the million-dollar prices prevalent throughout the
other districts. CFD 03-1 is still in an aggressive growth phase.
Currently 76% of parcels have values-to-lien of 10:1; notably,
14% have low values to lien of less than 3:1 presumably because
they are not yet fully developed. Assessed value-to-lien ratios
are high in all the other participating districts, with 99% of
developed parcels exceeding 15:1 in all districts but one.
STRONG TAXPAYER DIVERSITY AND LOW DELINQUENCY RATES EVEN IN
CURRENT MARKET
Taxpayer diversity is a key credit strength: the districts
are entirely residential, deriving no taxes from
commercial/industrial parcels. While the residential nature of
the districts renders them vulnerable to the current slowdown, it
remains a credit positive with respect to diversification of
revenues. Excluding the two smallest CFDs (94-1 containing 8
developed parcels and 99-2 containing 39) the top taxpayers
represent 7.8% or less of the annual levy in each of the
districts.
Even in the current difficult real estate market the CFDs
have performed well, with delinquencies in each CFD slightly
higher than at time of issuance but still quite low. All but two
districts' fiscal 2007 delinquency rates are below 1%, with the
other two also low at only 1.08% and 1.67%. Delinquency rates for
the December 2007 payments are significantly higher, but this is
consistent with prior years wherein owners paid the amounts owed
within a few weeks after the due date. The CFDs and the Authority
are administered by San Dieguito Union High School District
management and personnel. Moody's notes as a credit strength that
the districts are professionally administered, with reminder
notices sent out in a timely fashion generating prompt payment
responses. The CFDs do not benefit from the county's Teeter
program, but delinquencies have been minimal and are expected to
continue to be manageable. A back-up tax on undeveloped parcels
is available to offset delinquencies, but it has never been
levied.
May 2
San Dieguito Public Facilities Authority, CA
Municipality
CA
MOODY'S RATING
Revenue Refunding Bonds, Series 2006A
Rating: A3
Sale Amount: $75,345,000
Expected Sale Date: 05/06/2008
Rating Description: Special Tax (Not Property or Sales)
OPINION
Moody's Investors Service has assigned an A3 rating to the
San Dieguito Public Facilities Authority Revenue Refunding Bonds,
Series 2006A (Senior Bonds) in the approximate amount of $75.3
million. The bonds are secured by Special Tax revenues derived
from nine Community Facilities Districts (CFDs) whose underlying
strength is a key rating factor. Also key is the structure of the
financing, which includes a fully-funded reserve for the
Authority bonds rather than at the individual CFD level. The
rating on the Series 2006A bonds also is based upon strong
anticipated debt service coverage of these senior obligations,
bolstered by the certainty derived from the fact that the bonds
will be sold at a fixed rate for their remaining term. The
current issue, together with an approximately $12 million
subordinate Series 2006B, a $2 million third lien issue, special
tax prepayments, unspent bond proceed and other reserves, are
refunding the San Dieguito Public Facilities Authority Revenue
Refunding Bonds, Series 2006 which are currently in auction rate
mode, as well as the termination payment of the related swap. The
current financings comprise remarketings under the Series 2006
indenture.
LARGE, WEALTHY RESIDENTIAL TAX BASE
The rating on the Series 2006A bonds is based largely on the
fundamental strengths of the nine CFDs involved in the
transaction. The core credit positive of this financing is the
size, strength and diversity of these CFDs, which are all
residential and characterized by exceptional wealth and property
values, as well as low tax burdens. The rating incorporates the
credit characteristics of the participating CFDs in the aggregate
rather than individually, an approach made possible by the
establishment of an aggregate reserve fund for the Authority
bonds rather than individual reserve funds for each of the CFD
obligations to the Authority. The Series 2006A bonds will include
a standard-sized reserve funded through a surety provided by
Ambac.
The nine CFDs in the pool are located along the coast in
northern San Diego County (Issuer Rating Aa2). In the aggregate
the CFDs comprised over 7,300 developed parcels, up by nearly
2,000 parcels since 2004. The largest CFD, with 32% of the total
parcels, is CFD 94-2 located within the city of Carlsbad. Of
almost equal size is CFD 95-1 representing 27% of parcels,
located near the city of Del Mar. CFD 94-3, containing 11% of the
total, is located within the city of Encinitas. Of the remaining
CFDs, one comprises parcels in both Carlsbad and Encinitas, while
the rest are located in unincorporated county areas. In the
aggregate, fiscal 2008 assessed value (AV) in the CFDs totals
$7.1 billion, more than double their total value in fiscal 2003.
While statistics are not available for the individual CFDs,
wealth levels appear to be very high, consistent with neighboring
communities. In the context of these wealth levels and the high
property values in the districts, the special taxes are very
affordable. Per capita income exceeded 150% of state levels in
the cities of Carlsbad and Encinitas (Aa2 Issuer Rating) and 270%
in Del Mar (Aa3 G.O. rating) as of the 2000 Census; median family
income stood at approximately 160% of state levels in Encinitas
and Carlsbad and nearly 290% in Del Mar.
The special taxes associated with the participating CFDs are
very affordable in light of prevailing incomes, generally ranging
from $570 to $855 annually. Only CFD 03-1 is taxing significantly
higher at over $1,000 in some cases. CFD 03-1 is being developed
to provide more "affordable" housing, with home prices
anticipated to be in the hundreds of thousands of dollars as
compared with the million-dollar prices prevalent throughout the
other districts. CFD 03-1 is still in an aggressive growth phase.
Currently 76% of parcels have values-to-lien of 10:1; notably,
14% have low values to lien of less than 3:1 presumably because
they are not yet fully developed. Assessed value-to-lien ratios
are high in all the other participating districts, with 99% of
developed parcels exceeding 15:1 in all districts but one.
STRONG TAXPAYER DIVERSITY AND LOW DELINQUENCY RATES EVEN IN
CURRENT MARKET
Taxpayer diversity is a key credit strength: the districts
are entirely residential, deriving no taxes from
commercial/industrial parcels. While the residential nature of
the districts renders them vulnerable to the current slowdown, it
remains a credit positive with respect to diversification of
revenues. Excluding the two smallest CFDs (94-1 containing 8
developed parcels and 99-2 containing 39) the top taxpayers
represent 7.8% or less of the annual levy in each of the
districts.
Even in the current difficult real estate market the CFDs
have performed well, with delinquencies in each CFD slightly
higher than at time of issuance but still quite low. All but two
districts' fiscal 2007 delinquency rates are below 1%, with the
other two also low at only 1.08% and 1.67%. Delinquency rates for
the December 2007 payments are significantly higher, but this is
consistent with prior years wherein owners paid the amounts owed
within a few weeks after the due date. The CFDs and the Authority
are administered by San Dieguito Union High School District
management and personnel. Moody's notes as a credit strength that
the districts are professionally administered, with reminder
notices sent out in a timely fashion generating prompt payment
responses. The CFDs do not benefit from the county's Teeter
program, but delinquencies have been minimal and are expected to
continue to be manageable. A back-up tax on undeveloped parcels
is available to offset delinquencies, but it has never been
levied.
"só os burros, é que não mudam de opinião"
Cumprimentos
Good Look
Cumprimentos
Good Look
-
- Mensagens: 74
- Registado: 14/2/2008 18:35
Quem está ligado:
Utilizadores a ver este Fórum: aaugustobb_69, castrojjf, GamesOver, Google [Bot], Luzemburg, m-m, malakas, Mr.Warrior, MR32, OCTAMA, Pageup, Phil2014, Pmart 1, PMP69, Shimazaki_2, VALHALLA e 487 visitantes