articles Ratings /ratings/en/research/articles/200521-several-local-government-tax-secured-debt-ratings-placed-on-creditwatch-negative-due-to-lack-of-timely-inform-11503111 content
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Several Local Government Tax-Secured Debt Ratings Placed On CreditWatch Negative Due To Lack Of Timely Information


Several Local Government Tax-Secured Debt Ratings Placed On CreditWatch Negative Due To Lack Of Timely Information

CHICAGO (S&P Global Ratings) May 21, 2020--S&P Global Ratings placed certain long-term and underlying ratings on CreditWatch with negative implications for several local governments with outstanding tax-secured debt (please see list below).

"The CreditWatch action reflects that we will likely withdraw affected ratings if we do not receive issuer-specific information pertaining to their financial health and fiscal planning amid the COVID-19 pandemic and related recession," said S&P Global Ratings credit analyst Scott Nees. We consider this information necessary to maintain and assess our ratings on these issuers. Accordingly, the ratings are now at risk of being withdrawn, preceded by any change to the rating we consider appropriate given available information. However, if issuers provide us with information that we consider sufficient within 30 days, we will conduct full reviews for those issuers and take rating actions as appropriate within 90 days of the CreditWatch placement.

Ratings Placed On CreditWatch Negative
Local government State Rating

Calexico

CA BBB-/Watch Neg

Chatom

AL A/Watch Neg

Commerce

CA A+/Watch Neg

Country Club Hills

IL BBB-/Watch Neg

Desloge

MO A+/Watch Neg

La Habra

CA AA+/Watch Neg

Mason County

WA A+/Watch Neg

North Platte

NE A-/Watch Neg

Oregon

IL A+/Watch Neg

Pana

IL A/Watch Neg

Visalia

CA A+/Watch Neg

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

Primary Credit Analyst:Scott Nees, Chicago (1) 312-233-7064;
scott.nees@spglobal.com
Secondary Contact:Joshua Travis, Farmers Branch 972-367-3340;
joshua.travis@spglobal.com

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