Outlook On Garden Spot Village, PA's 'BBB' Rated Bonds Revised To Negative On Potential Increased Debt Burden
- ID: 1783001
- May 2011
- Standard & Poors
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Research type: News
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NEW YORK (Standard & Poor's) May 6, 2011--Standard & Poor's Ratings Services has revised its outlook to negative from stable and affirmed its 'BBB' underlying rating (SPUR) on Lancaster Industrial Development Authority, Pa.'s series 2006A and 2006B revenue bonds, issued for Garden Spot Village (GSV). The outlook revision reflects Standard & Poor's expectation that GSV will issue approximately $4 million of debt in fiscal 2011 with the potential for additional debt over the next two years, which could cause stress on an already weak balance sheet. The SPUR reflects Standard & Poor's assessment of GSV's strong occupancy and demand levels, as well as improved, though still only adequate, liquidity levels, which have decreased since 2009 because GSV paid down some...
Companies mentioned in this report are: Garden Spot Vill,Lancaster Indl Dev Auth
Action: Outlook: Negative