Ponchatoula Area Recreation District No. 1, LA Series 2015 Revenue Refunding Bond Rating Raised To 'AA-' On New Criteria - S&P Global Ratings’ Credit Research

Ponchatoula Area Recreation District No. 1, LA Series 2015 Revenue Refunding Bond Rating Raised To 'AA-' On New Criteria

Ponchatoula Area Recreation District No. 1, LA Series 2015 Revenue Refunding Bond Rating Raised To 'AA-' On New Criteria - S&P Global Ratings’ Credit Research
Ponchatoula Area Recreation District No. 1, LA Series 2015 Revenue Refunding Bond Rating Raised To 'AA-' On New Criteria
Published Jul 12, 2018
3 pages (1089 words) — Published Jul 12, 2018
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Abstract:

CENTENNIAL (S&P Global Ratings) July 12, 2018--S&P Global Ratings raised its underlying rating (SPUR) to 'AA-' from 'A+' on Ponchatoula Area Recreation District No. 1, La.'s series 2015 revenue refunding bonds. The outlook is stable. "The rating action reflects the application of our criteria 'Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness,' published Jan. 22, 2018, on RatingsDirect," said S&P Global Ratings credit analyst Joyce Jung. The series 2015 bonds are secured by the district's 10- and 4-mill ad valorem tax levies. If such revenue is insufficient, the district can use any other income, revenue, and receipts from any source as long as it has not legally dedicated said income, revenue, and receipts for incompatible purposes with the

  
Brief Excerpt:

...CENTENNIAL (S&P Global Ratings) July 12, 2018--S&P Global Ratings raised its underlying rating (SPUR) to '##-' from 'A+' on Ponchatoula Area Recreation District No. 1, La.'s series 2015 revenue refunding bonds. The outlook is stable. "The rating action reflects the application of our criteria 'Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness,' published Jan. 22, 2018, on RatingsDirect," said S&P Global Ratings credit analyst Joyce Jung. The series 2015 bonds are secured by the district's 10- and 4-mill ad valorem tax levies. If such revenue is insufficient, the district can use any other income, revenue, and receipts from any source as long as it has not legally dedicated said income, revenue, and receipts for incompatible purposes with the refunding. Consequently, we view the security as a non-ad valorem pledge. Under the revised criteria, we will rate bonds secured by a non-ad valorem pledge to be equivalent to the issuer credit rating when the issuer's ability...

  
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Ratings Action

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Public Finance
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MLA:
S&P Global Ratings’ Credit Research. "Ponchatoula Area Recreation District No. 1, LA Series 2015 Revenue Refunding Bond Rating Raised To 'AA-' On New Criteria" Jul 12, 2018. Alacra Store. Sep 18, 2018. <http://www.alacrastore.com/s-and-p-credit-research/Ponchatoula-Area-Recreation-District-No-1-LA-Series-2015-Revenue-Refunding-Bond-Rating-Raised-To-AA-On-New-Criteria-2070723>
  
APA:
S&P Global Ratings’ Credit Research. (). Ponchatoula Area Recreation District No. 1, LA Series 2015 Revenue Refunding Bond Rating Raised To 'AA-' On New Criteria Jul 12, 2018. New York, NY: Alacra Store. Retrieved Sep 18, 2018 from <http://www.alacrastore.com/s-and-p-credit-research/Ponchatoula-Area-Recreation-District-No-1-LA-Series-2015-Revenue-Refunding-Bond-Rating-Raised-To-AA-On-New-Criteria-2070723>
  
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