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Becker Independent School District No. 726, MN's Issuer Credit Rating Lowered To 'A' On Extensive Use Of Reserves Jul 11
Standard & Poors, July 2011
Abstract
CHICAGO (Standard & Poor's) July 21, 2011--Standard & Poor's lowered to 'A' from 'A+' its rating on Becker Independent School District No. 726, Minn.'s outstanding general obligation (GO) debt due to the district's weakened financial position, which has resulted in the district violating its fund balance policy. At the same time, Standard & Poor's assigned its 'A' issuer credit rating and 'AAA' enhanced rating to the district's series 2011A GO alternative facilities bonds. We affirmed the 'AAA' enhanced rating on the debt outstanding. The 'AAA' enhanced long-term rating assigned to the series 2011A bonds reflects the district's eligibility for, and participation in, Minnesota's School District Credit Enhancement Program, which provides the security of a standing appropriation from Minnesota's general fund...
Companies mentioned in this report are: Becker Indpt Sch Dist #726
Action: Affirmed
Action: Downgraded
Action: New Rating
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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