Summary: Memphis&Shelby County Sports Authority, Tennessee; Appropriations - S&P Credit Research

Summary: Memphis&Shelby County Sports Authority, Tennessee; Appropriations

840 words — Published Apr 28, 2009
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Abstract:

Standard&Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR), with a stable outlook, on Memphis&Shelby County Sports Authority, Tenn.'s revenue debt. The SPUR reflects the covenant by both Memphis, Tenn. ('AA'/Stable general obligation (GO) debt rating) and Shelby County (AA+/Stable) to appropriate sufficient funds to replenish the authority's debt service reserve severally from their respective non-ad valorem general fund revenues in the event pledged revenues are insufficient to make debt service payments on the senior-lien bonds. Any required appropriation pledge will be paid no later than Oct. 31 of the fiscal year following a reserve draw. Because neither the city nor county are jointly and severally obligated in the event of a debt service reserve replenishment,

  
Brief Excerpt:

RESEARCH Ratings Definitions Summary: Memphis & Shelby County Sports Authority, Tennessee; Appropriations Publication date: 28-Apr-2009 Primary Credit Analyst: Theodore Chapman, Dallas (1) 214-871-1401; theodore_chapman@standardandpoors.com...

  
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Summary

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Global Issuers, Public Finance
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MLA:
S&P Credit Research. "Summary: Memphis&Shelby County Sports Authority, Tennessee; Appropriations" Apr 28, 2009. Alacra Store. Apr 20, 2014. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Memphis-Shelby-County-Sports-Authority-Tennessee-Appropriations-718448>
  
APA:
S&P Credit Research. (). Summary: Memphis&Shelby County Sports Authority, Tennessee; Appropriations Apr 28, 2009. New York, NY: Alacra Store. Retrieved Apr 20, 2014 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Memphis-Shelby-County-Sports-Authority-Tennessee-Appropriations-718448>
  
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