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Summary: Fort Smith, Arkansas; Water/Sewer Sep 11

  • ID: 1930404
  • September 2011
  • Region: Arkansas
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating and stable outlook to Fort Smith, Ark.'s series 2011 subordinate-lien water and sewer refunding revenue bonds and affirmed its 'A' underlying rating (SPUR), with a stable outlook, on the city's senior-lien water and sewer revenue debt. A subordinate-lien net revenue pledge on the city's water and sewer system secures the series 2011 bonds. Because senior-lien debt accounts for roughly 89% of total debt, and since it matures in 2032, we believe series 2011 bondholders have slightly more risk despite the closed senior lien; therefore, we are making a one-notch distinction. We consider the subordinate lien the system's working lien because the city has closed the senior lien on the city's...

Companies mentioned in this report are: Fort Smith
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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Fort Smith

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