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Title
Orange County Transportation Authority Investment and Debt Programs Report - May 2019
Overview
The Orange County Transportation Authority has a comprehensive investment and debt program to fund its immediate and long-term cash flow demands. Each month, the Treasurer submits a report detailing investment allocation, performance, compliance, outstanding debt balances, and credit ratings for the Orange County Transportation Authority’s debt program. This report is for the month ending May 31, 2019. The report has been reviewed and is consistent with the investment practices contained in the Investment Policy. Nissan, an issuer for asset-backed securities held by Orange County Transportation Authority, was downgraded from A2 to A3, which is below Orange County Transportation Authority’s investment policy requirement of A2. The asset-backed securities continue to be AAA-rated with no negative price action since the Nissan downgrade, so OCTA has chosen to retain the securities.
Recommendation(s)
Receive and file as an information item.