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Rating Lowered To 'A-' On Clovis, CA's Wastewater Revenue Bonds Due To Low Debt Service Coverage Jan 13

  • ID: 2383852
  • January 2013
  • Standard & Poors
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  • Clovis
  • Clovis Pub Fincg Auth
  • MORE

SAN FRANCISCO (Standard & Poor's) Jan. 24, 2013-- Standard & Poor's Ratings Services lowered its long-term rating to 'A-' from 'A' on the Clovis Public Financing Authority, Calif.'s existing wastewater revenue bonds, issued on behalf of the City of Clovis. The outlook is stable. "The lowered rating reflects our view that the city's debt service coverage has been slim during the past two years, and could remain near 1x going forward if development-related revenues do not improve," said Standard & Poor's credit analyst Robert Hannay. "If the wastewater system's liquidity were to decline or if debt service coverage were to fall well below 1x during the next two years, we could lower the rating further," Mr. Hannay added. The City...

Companies mentioned in this report are:
- Clovis
- Clovis Pub Fincg Auth

Action: Downgraded
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
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- Clovis
- Clovis Pub Fincg Auth

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