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Transaction Update: County Of Carroll, Ky. ? Series 2008A

  • ID: 1770924
  • Standard & Poors
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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: Full Analysis

On May 2, 2011, Standard & Poor's Ratings Services lowered its rating on County of Carroll, Ky.'s environmental facilities revenue bonds series 2008A (for the Kentucky Utilities Co. project) due Feb. 1, 2032, to 'AA+/A-1+' from 'AAA/A-1+' following the replacement of the irrevocable direct-pay letter of credit (LOC) that Wells Fargo Bank N.A. ('AA/A-1+') had provided with a new LOC from Sumitomo Mitsui Banking Corp. ('A+/A-1'). The 'AA+/A-1+' rating reflects our opinion of the joint credit and liquidity support that Sumitomo Mitsui Banking Corp. and Kentucky Utilities Co. ('BBB/A-2') provide in the form of an irrevocable direct-pay LOC and a loan agreement, respectively. Under the LOC, Sumitomo Mitsui Banking Corp. fully supports all bond payment obligations when the bonds are...

Companies mentioned in this report are: Carroll Cnty
Action: Downgraded

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Carroll Cnty

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