Hercules Public Financing Authority, CA's Lease Ratings Cut To 'BB' From 'A-'; On CW Neg On Lawsuit, Bankruptcy Concerns Feb 12
- Language: English
- Published: February 2012
Standard & Poor's Ratings Services removed from Credit Watch its ratings on Hercules Public Financing Authority, Calif.'s revenue bonds series 2010 (electric system project), series 2003B lease revenue bonds, and series 2009 taxable lease revenue bonds (Bio-Rad Project), issued for the city of Hercules. The bonds had been placed on CreditWatch with negative implications April 15, 2011. At the same time, Standard & Poor's affirmed its 'A-' rating on the bonds. The outlook is negative. We base the negative outlook on continued general fund pressures related to negative operations at the city's electric utility, negative fund balances in its redevelopment agency (RDA), and stalled development in the city. The rating reflects what we view as the city's: Declines in citywide...
Companies mentioned in this report are: Hercules,Hercules Pub Fincg Auth
Action: Outlook: Negative
Action: Removed From CreditWatch
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