Rating Lowered To 'CC' From 'BBB+' On San Bernardino, CA's Lease Revenue Bonds; On CreditWatch Negative Jul 12
- Language: English
- Published: July 2012
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
SAN FRANCISCO (Standard & Poor's) April 29, 2011-- Standard & Poor's Ratings Services lowered its underlying rating (SPUR) to 'BBB+' from 'A-' on San Bernardino, Calif.'s series 1997A lease revenue refunding bonds, issued by the San Bernardino Joint Powers Financing Authority. The outlook is stable. "The lowered rating reflects our view of the substantial drop in the city's reserve levels that are a result of declines in both sales and use taxes and property taxes during the past two fiscal years," said Standard & Poor's credit analyst Li Yang. "Should the city's reserve levels rise to good levels, we would consider raising the rating. However, should revenue declines continue during the next two fiscal years, resulting in further reductions to...
Companies mentioned in this report are: San Bernardino,San Bernardino Jt Pwrs Fin Auth
Action: Outlook: Stable
San Bernardino,San Bernardino Jt Pwrs Fin Auth