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Bridgeview, IL GO Debt Rating Lowered To 'BBB+' Due To High Stadium Debt Feb 12
Standard & Poors, Feb 2012
Abstract
CHICAGO (Standard & Poor's) Feb. 13, 2012--Standard & Poor's Ratings Services said today it lowered to 'BBB+' from 'A-' the long-term rating and underlying rating (SPUR) on Bridgeview, Ill.'s general obligation (GO) bonds. The outlook is negative. 'The downgrade reflects the significant level of stress placed on the village's finances by its underperforming soccer stadium,' said Standard & Poor's credit analyst John Kenward. To mini mize property tax increases, the village has used general fund revenues and issued additional debt to pay debt service on its GO bonds related to the stadium. The village's very high debt level is mainly due to its series 2005 GO bonds to build a soccer stadium, of which $128.4 million remain. The village originally...
Companies mentioned in this report are: Bridgeview,Bridgeview Vill
Action: Downgraded
Action: Outlook: Negative
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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