Rating Lowered To 'BBB' On Westlake, LA's Refunding Bonds Due To Weak Financial Management, Low Fund Balance Aug 11
- Language: English
- Published: August 2011
Standard & Poor's Ratings Services lowered its long-term rating to 'BBB' from 'BBB+' on Louisiana Local Government Environmental Facilities & Community Development Authority's series 2010 revenue refunding bonds, issued on behalf of the City of Westlake. The outlook is stable. The lowered rating reflects our view of the city's weak financial management and low unreserved general fund balance. The rating further reflects our view of the city's: Moderately concentrated tax base; Multi-year operating deficits, coupled with low fund balance reserves; and High overall net debt ratios. In our view, the rating is strengthened by the city's: Inclusion and access to the strong employment opportunities and economy in the Lake Charles Metropolitan Statistical Area (MSA); and Limited capital plans, coupled with...
Companies mentioned in this report are: Westlake,Lake Charles,Louisiana Local Govt Envir Facs & Comnty Dev Auth
Action: Outlook: Stable
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Westlake,Lake Charles,Louisiana Local Govt Envir Facs & Comnty Dev Auth