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Rating Lowered To 'BBB' On Westlake, LA's Refunding Bonds Due To Weak Financial Management, Low Fund Balance Aug 11 Product Image

Rating Lowered To 'BBB' On Westlake, LA's Refunding Bonds Due To Weak Financial Management, Low Fund Balance Aug 11

  • ID: 1859722
  • August 2011
  • Standard & Poors

Abstract
DALLAS (Standard & Poor's) Aug. 5, 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," said Standard & Poor's credit analyst Sarah Smaardyk. "Further weakening the rating is the city's multi-year operating deficits, high overall debt ratios, and moderately concentrated tax base," Ms. Smaardyk added. RELATED CRITERIA AND RESEARCH USPF Criteria: Non Ad Valorem Bonds, Oct. 20, 2006...

Companies mentioned in this report are: Westlake,Louisiana Local Govt Envir Facs & Comnty Dev Auth
Action: Downgraded
Action: Outlook: Stable

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.

Westlake,Louisiana Local Govt Envir Facs & Comnty Dev Auth

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