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Bexar Metropolitan Water District And Related Issuers Placed On CreditWatch Negative Aug 10
Standard & Poors, Aug 2010
Abstract
DALLAS (Standard & Poor's) Aug. 20, 2010--Standard & Poor's Ratings Services placed its 'A' ratings on Bexar Metropolitan Water District (Bexar Met), Texas' waterworks system revenue debt on CreditWatch with negative implications based on the system's disclosure that its net revenues were insufficient in fiscal 2010 to provide the required 1.25x coverage of annual debt service covenanted in the district's bond documents. 'Despite the recent actions taken by the governing board to restore debt service coverage, our CreditWatch action reflects our view that the recent violation of the rate covenant coupled with relatively recent management missteps are indicative of management policies and practices that are characteristic of water utilities with a significantly weaker credit profile than Bexar Met's current rating,'...
Companies mentioned in this report are: Bexar Metro Dev Corp,Bexar Metro Wtr Dist,Canyon Regl Wtr Auth
Action: On CreditWatch:Negative
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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