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Humboldt, IA, GO Rating Lowered To 'A'; Series 2011A&B Notes Assigned 'A' Rating
Standard & Poors, May 2011
Abstract
CHICAGO (Standard & Poor's) May 6, 2011--Standard & Poor's Ratings Services lowered its long-term rating to 'A' from 'A+' on Humboldt, Iowa's general obligation (GO) bonds. At the same time, Standard & Poor's assigned its 'A' long-term rating to Humboldt's series 2011A GO capital loan notes and series 2011B GO refunding capital loan notes. The outlook on all ratings is negative. 'The rating action reflects our view of Humboldt's depletion of its general fund reserves, which resulted in a negative fund balance,' said Standard & Poor's credit analyst Blake Yocom. The ratings specifically reflect our view of the city's: General fund drawdowns resulting in a negative fund balance on a cash basis of accounting at fiscal year-end 2010; Limited levy...
Companies mentioned in this report are: Humboldt
Action: Downgraded
Action: New Rating
Action: Outlook: Negative
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.
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