- Language: English
- Published: June 2012
- Region: California
Xenia Rural Water District, IA?s 2006 Water Revenue Bonds Lowered To ?D? From ?BB? On Inability To Fully Pay Interest Jul 10
- ID: 1931784
- July 2010
- Standard & Poors
CHICAGO (Standard & Poor's) July 8, 2010--Standard & Poor's Ratings Services lowered its long-term and underlying ratings (SPUR) on Xenia Rural Water District, Iowa's 2006 water revenue bonds to 'D' from 'BB'. The downgrade reflects our view of the district's inability to fully service its June 1, 2010, interest payment. The district owed $1.88 million, paying all but $69,000 of its payment on that date, which included exhausting the remainder of its debt service reserve. The paying agent submitted a claim to CIFG Assurance North America Inc., the bonds' insurer, to cover the remaining payment. The rating on the bonds was previously lowered to 'BB' on Aug. 19, 2009. Standard & Poor's typically lowers its rating on an issue to...
Companies mentioned in this report are: Xenia Rural Wtr Dist
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.
Xenia Rural Wtr Dist