LOS ANGELES -- Recent California budget legislation that diverts a portion of redevelopment agency funds to school districts will not affect ratings on local tax increment bonds, according to Standard & Poor's Corp.

"The legislation clearly stipulates that existing indebtedness is protected," the agency said in comments that appear in today's edition of Credit Week Municipal.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.