- Published: May 2012
- Region: United States
Lombard Village, IL ICR Lowered To ?BBB? After Board Rejects Request To Cover Debt Shortfall Jan 12
- Published: January 2012
- Standard & Poors
CHICAGO (Standard & Poor's) Jan. 5, 2012--Standard & Poor's Ratings Services said today it lowered its issuer credit rating (ICR) on Lombard Village, Ill. to 'BBB' from 'AA', and the rating on the village's debt certificates to 'BBB-' from 'AA-'. The outlook on the ratings is stable. "The downgrades reflect our view of the village board's vote in the last week of 2011 to reject a requested payment of $911,747 to cover a shortfall in the January 2012 debt service payment for the Lombard Public Facilities Corp.'s series 2005A hotel and conference center revenue bonds," said Standard & Poor's credit analyst John Kenward. Under terms of the tax rebate agreement, the village is committed to replenishing a $2 million reserve...
Companies mentioned in this report are: Lombard Vill,Lombard Pub Facs Corp.
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.
SHOW LESS READ MORE >
Lombard Vill,Lombard Pub Facs Corp.