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California Area School District, PA 'A' GO Rating Outlook Revised To Negative On Structural Imbalance, Planned Drawdown Nov 11
Standard & Poors, Nov 2011
Abstract
NEW YORK (Standard & Poor's) Nov. 11, 2011--Standard & Poor's Ratings Services revised the outlook on its 'A' school issuer credit rating (ICR) on California Area School District, Pa.'s general obligation (GO) debt to negative from stable. The outlook revision reflects Standard & Poor's assessment of the district's recent operational structural imbalance brought on, in part, by reduced commonwealth and federal revenue. Therefore, management has been drawing down reserves with a significant drawdown planned for fiscal 2012. It is Standard & Poor's opinion that although some one-time revenue from the sale of gas rights should help management reduce its reliance on reserves and allow for the maintenance of reserves that are, in Standard & Poor's view, good, management will need...
Companies mentioned in this report are: California Area Sch Dist
Action: Affirmed
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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