|
|
 |
|
Viewing report
|
|
|
|
Calumet City, IL, GO SPUR Lowered To 'BBB+'; Outlook Stable Dec 11
Standard & Poors, Dec 2011
Abstract
CHICAGO (Standard & Poor's) Dec. 9, 2011--Standard & Poor's Ratings Services lowered its underlying rating (SPUR) to 'BBB+' from 'A' on Calumet City, Ill.'s general obligation (GO) debt. The outlook is stable. 'The rating action reflects our view of the city's large general fund drawdown shown in its draft fiscal 2009 audit and the city's projection that the unreserved balance deteriorated further in fiscal 2010,' said Standard & Poor's credit analyst Jennifer Boyd. The rating also reflects our view of the city's: Only adequate income levels and market value per capita; and Significant percentage of fixed costs when debt service carrying charges are combined with annual pension costs of the city's pension and other postemployment benefits plans. The stable outlook...
Companies mentioned in this report are: Calumet City
Action: Downgraded
Action: Outlook: Stable
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.
|
|
|
|
