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Biggs Unified School District, CA's Lease Revenue Notes Short-Term Rating Lowered To 'SP-1' From 'SP-1+' On New Criteria Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 6, 2012--Standard & Poor's Ratings Services lowered its short-term rating on Biggs Unified School District, Calif.'s series 2010 lease revenue notes outstanding to 'SP-1' from 'SP-1+'. 'The downgrade reflects the application of Standard & Poor's newly adopted criteria on bond anticipation notes, which more transparently incorporates the long-term rating on the school district as well as the district's market risk profile as factors of the short-term rating,' said Standard & Poor's credit analyst Sussan Corson. The rating reflects what we view as the district's: Covenant to refund these notes before maturity by issuing the long-term lease bonds, should it fail to receive future grant reimbursements for deferred maintenance from the state; Low market risk...
Companies mentioned in this report are: Biggs Unif Sch Dist
Action: Downgraded
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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