Summary: JPMorgan Securities PUTTERs & DRIVERs Trust Series 3822 Ratings Raised To 'AA/A-1' And 'AA'; Residual Certificates; Tender Option Certificates/Bonds Aug 12
- Language: English
- Published: August 2012
Standard & Poor's Ratings Services has assigned its 'AA-' rating to Lakeland, Fla.'s water and wastewater revenue and refunding bonds series 2011A and 2011B. At the same time, Standard & Poor's affirmed its 'AA-' rating on Lakeland's parity debt. The outlook is stable. As of Sept. 30, 2011, the city had $47.7 million of revenue bonds outstanding for the utilities. Bond proceeds will refund most of the water and sewer system's debt outstanding; the city will repay the rest Oct. 1, 2012. The ratings reflect our view of the following factors: Strong financial metrics, which include revenue bond debt service coverage (DSC) of more than 3x and available cash that increased in fiscal 2010 to about 175 days of operating...
Companies mentioned in this report are: Lakeland
Action: New Rating
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.
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.
SHOW LESS READ MORE >