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Salamanca, NY GO Debt Rating Lowered To 'BBB+' Due To Revenue Loss; Outlook Is Negative Oct 11 Product Image

Salamanca, NY GO Debt Rating Lowered To 'BBB+' Due To Revenue Loss; Outlook Is Negative Oct 11

  • ID: 1928550
  • October 2011
  • Region: New York
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Oct. 3, 2011--Standard & Poor's Ratings Services said it lowered its long-term rating to 'BBB+' from 'A-' on Salamanca, N.Y.'s general obligation (GO) debt. The outlook is negative. "The downgrade is based on a significant reduction in the city's general fund reserves due to the loss of certain casino-related revenues and uncertainty over the receipt of replacement revenues from the state," said Standard & Poor's credit analyst Kate Hackett. The rating also reflects Salamanca's: Limited economy; Continued decline in assessed value and low per capita property values; Moderate debt on a per capita basis with rapid amortization; and Low income indicators. Offsetting factors include the city management's aggressive response to the loss of a significant...

Companies mentioned in this report are: Salamanca City
Action: Downgraded
Action: Outlook: Negative

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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