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Summary: Lafayette, Louisiana; Sales Tax Apr 12

  • ID: 2127623
  • April 2012
  • Region: Louisiana
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating and stable outlook to Lafayette, La.'s series ST-2012A and ST-2012B public improvement sales tax refunding bonds and affirmed its 'AA' rating, with a stable outlook, on the city's parity sales tax revenue debt. The rating reflects our opinion of the city's: Role as a regional retail trade and economic center; Deep and diverse sales tax base that has shown relative resilience through a national economic downturn; Pledged revenue, providing more than 2x maximum annual debt service (MADS) coverage; and 1.5x MADS additional bonds test. We believe the city's additional parity-debt-supported capital needs somewhat constrain the rating. A first-lien revenue pledge, generated by a 1% sales-and-use tax, originally authorized in 1961, secures...

Companies mentioned in this report are:
- Lafayette

Action: Affirmed
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, READ MORE >

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- Lafayette

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