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Capital Project Finance Authority, FL Bond Rating Lowered To 'C' On Debt Service Reserve Fund Depletion
Standard & Poors, May 2011
Abstract
BOSTON (Standard & Poor's) May 11, 2011--Standard & Poor's Ratings Services has lowered its underlying rating (SPUR) on Capital Project Finance Authority (CaPFA), Fla.'s senior 2000F-1 revenue bonds to 'C' from 'B+' and removed the rating from CreditWatch where it had been placed with negative implications on June 7, 2010. Standard & Poor's lowered the rating due to the depletion of CaPFA's senior debt service reserve fund, continued draws on its escrow fund, and the expectation that the authority will fully deplete the escrow fund in the near term. The outlook on the 'C' rating is negative reflecting Standard & Poor's belief that CaPFA will not have adequate resources to cover its next debt service payment independently (Oct. 1, 2011)....
Companies mentioned in this report are: Capital Proj Fin Auth
Action: Downgraded
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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