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

Standard & Poors, August 2011

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

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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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