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Bulletin: Grass Valley, CA?s Series 2011 Wastewater Refunding Bonds Credit Neutral On New Debt Service Coverage Calculations Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 16, 2011--Standard & Poor's Ratings Services today said the ratings on Grass Valley, Calif.'s series 2011 wastewater refunding revenue bonds (AA/Stable) are unchanged following a recalculation of the debt service coverage (DSC) on the bonds. In the report published June 9, 2011 (in which the bonds were assigned an 'AA' rating), Standard & Poor's stated that, in addition to the bonds, Grass Valley has a state revolving fund loan (SRF loan) outstanding that is legally subordinate to these bonds, which management treats as an operating expense, and therefore makes payments on before it makes payments on the bonds. Following subsequent discussions with officials, we understand that it cannot be specifically determined whether the SRF...
Companies mentioned in this report are: Grass Vy
Action: Bulletin
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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