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
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: Outlook: Stable
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