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University Area Joint Authority, PA Sewer Revenue Bonds Downgraded To 'A' From 'A+' Nov 11 Product Image

University Area Joint Authority, PA Sewer Revenue Bonds Downgraded To 'A' From 'A+' Nov 11

  • ID: 2025895
  • November 2011
  • Standard & Poors

NEW YORK (Standard & Poor's) Nov. 10, 2011--Standard & Poor's Ratings Services has lowered its rating on the University Area Joint Authority (UAJA), Pa.'s sewer revenue bonds to 'A' from 'A+'. At the same time, Standard & Poor's assigned its 'A' rating to UAJA's sewer revenue bonds series 2011A. The outlook is stable. "The downgrade reflects our opinion that the authority does not have enough financial resources to absorb added contingent liability risk commensurate with an 'A+' rating, given a financial risk profile that is seldom materially above the minimum covenanted levels," said Standard & Poor's credit analyst Joseph Pezzimenti. On Nov. 1, 2011, UAJA issued approximately $32.8 million in series 2011 sewer revenue bonds. There were privately placed and...

Companies mentioned in this report are: University Area Jt Auth
Action: Downgraded
Action: New Rating
Action: Outlook: Stable

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Research type: News
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