MUNICIPAL BOND RATINGS, DEBT

Bond Total Bond Per Capita City Rating Indebtedness Indebtedness Anaheim AA $588,931,000 $2,410.69 Brea A 144,405,000 4,304.17 Buena Park AA 27,904,000 421.51 Costa Mesa AA 21,060,000 226.70 Cypress A1 2,500,000 55.13 Dana Point NR N/A -- Fountain Valley BBB+ 34,013,000 606.29 Fullerton A 22,305,000 199.69 Garden Grove A 42,975,000 318.81 Huntington Beach AA 57,616,000 305.33 Irvine AAA 115,715,000 1,111.59 Laguna Beach A 7,500,000 305.50 La Habra AA 18,389,716 375.30 La Palma NR 5,450,000 338.51 Los Alamitos NR 8,912 0.73 Mission Viejo NR 0 -- Newport Beach NR 0 -- Orange A 55,240,000 519.17 Placentia BAA 6,763,861 162.40 San Clemente AAA 36,985,000 945.91 San Juan Capistrano AAA 6,250,000 255.10 Santa Ana A 138,235,000 582.53 Seal Beach AAA 7,387,000 270.09 Stanton AAA 4,375,000 154.32 Tustin A+ 8,535,000 182.37 Villa Park NR 0 -- Westminster NR 9,590,000 130.83 Yorba Linda NR 23,800,000 496.87 COUNTY OF ORANGE A1 289,205,000 126.82

BOND INDEBTEDNESS includes revenue, tax allocation, redevelopment agency, certificates of participation, assessment, sewer, water and utility bonds; it excludes lease and loan indebtedness.

BOND RATINGS:

AAA: Highest rating; they carry the smallest degree of investment risk

AA: High quality, though margins of protection may be lower than AAA bonds

A1: Degree of safety regarding timely payment is extremely strong

A: Upper medium grade obligations

BAA: Medium grade, neither highly protected nor poorly secured

BBB: Regarded as having adequate capacity to pay interest and repay principal

NR: Indicates no rating has been requested, that there is insufficient information on which to base a rating, or that Standard & Poor’s does not rate a particular type of obligation as a matter of policy

(+) or (-): modified rating to provide more detailed indications of preferred stock quality.

Source: City and county finance and treasury departments, Standard & Poor’s