North Sumter County Utility Dependent District, Florida; Water/Sewer Jan 12
Standard & Poors, January 2012
Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB' rating on North Sumter County Utility Dependent District (NSCUDD), Fla.'s series 2010 utility revenue bonds and its 'BBB-' rating on the district's series 2010 subordinate utility revenue bonds. The outlook is stable. The ratings reflect our view of the following credit weaknesses: NSCUDD's limited historical financial performance; The district's financial projections, which depend on substantial customer base growth to maintain coverage levels that comply with the bond indenture; The bonds' weak structure, with a permissive additional bonds test; and A highly leveraged system. Our view of the following factors offset these weaknesses somewhat: Affordable rates relative to wealth levels in the service area and management's ability to raise rates as needed...
Companies mentioned in this report are:
- North Sumter Cnty Util Dependent Dist
Action: Affirmed
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: Full Analysis
- North Sumter Cnty Util Dependent Dist
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW6
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
