Standard & Poor's Ratings Services revised the outlook to negative from stable on Orange County Performing Arts Center (OCPAC; doing business as Segerstrom Center for the Arts, or SCA), Calif.'s 'A' issuer credit rating (ICR). The negative outlook reflects our view that while some aspects of the center's operations have improved over the last year, this improvement is offset by the center's slow progress in fundraising and what we feel is significant risk with the center's debt structure, including renewal risk within the next six months as letters of credit expire. In addition, we assigned our 'A' rating to California Infrastructure and Economic Development Bank's series 2011 bonds issued for OCPAC. The outlook is negative. The ratings reflect our view...
Companies mentioned in this report are:
- Orange Cnty Performing Arts Ctr (Segerstrom)
- California Infrastructure & Econ Dev Bnk
Action: New Rating
Action: Outlook: Negative
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