Stephenson County, IL's ICR Lowered To 'BBB' And Debt Certificates Ratings Lowered To 'BBB-' On Draw On Reserves

1241 word report published Mar 11, 2011

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CHICAGO (Standard&Poor's) March 11, 2011--Standard&Poor's Ratings Services lowered its issuer credit rating (ICR) on Stephenson County, Ill. to 'BBB' from 'A+'. At the same time, we lowered our long-term rating and underlying rating (SPUR) on the county's series 2002 and 2007 debt certificates to 'BBB-' from 'A'. The outlook is stable. "The rating actions reflect our view of the county's large draws on general fund reserves resulting in a negative fund balance and management's projection of continued operating deficits," said Standard&Poor's credit analyst Blake Yocom. The county posted a draw on its general fund reserves in fiscals 2004 through 2007 -- it depleted reserves to $406,000 in fiscal 2007 from $1.5 million in fiscal

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RESEARCH Ratings Definitions PDF Stephenson County, IL's ICR Lowered To '###' And Debt Certificates Ratings Lowered To '###-' On Draw On Reserves Publication date: 11-Mar-2011 Primary Credit Analyst: Blake Yocom, Chicago (1) 312-233-7056;...

Report Type:

Ratings Action

Issuer:

Stephenson Cnty

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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