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Central Falls, RI GO Debt Rating Affirmed At 'C' Following Bankruptcy Filing; Outlook Developing Aug 11
Standard & Poors, Aug 2011
Abstract
BOSTON (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services has affirmed its 'C' underlying rating (SPUR) on Central Falls, R.I.'s general obligation (GO) debt following the city's Aug. 1, 2011, filing of a petition for Chapter 9 bankruptcy. The outlook is developing. Pursuant to its criteria, Standard & Poor's may assign a 'C' rating to an issue if the obligor is either a debtor under the U.S. Bankruptcy Code or similar action has been taken, but payments on rated obligations are being continued. In accordance with this, Standard & Poor's previously lowered the GO rating to 'C' from 'BBB-' on May 20, 2010, based on the appointment of a receiver for Central Falls. City officials have expressed to...
Companies mentioned in this report are: Central Falls
Action: Affirmed
Action: Outlook: Developing
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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