- Language: English
- 1000 Pages
- Published: September 2013
- Region: Global, North America, United States
Summary: Bexar Metropolitan Water District, Texas; Water/Sewer Aug 10
- Published: August 2010
- Region: Texas
- Standard & Poors
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. District officials estimate a debt service coverage of 1.18x based on unaudited results for fiscal 2010. In order to improve debt service coverage, the district's board approved a 7% rate increase on July 30, 2010, which is expected to improve coverage to 1.44x in fiscal 2011. Despite the recent actions taken by the governing board to restore debt service coverage, our CreditWatch action reflects...
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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Bexar Metro Dev Corp,Bexar Metro Wtr Dist,Canyon Regl Wtr Auth