| Title: | Columbia, South Carolina; Parking |
| Price: | $400.00 |
| Publication Date: | Apr 28, 2008 |
| Report Type: | Full Report |
| Abstract: | Standard&Poor's Ratings Services affirmed its 'BBB+' underlying rating (SPUR) on Columbia, S.C.'s parking facilities revenue bonds series 2005A-B. The rating reflects the following credit concerns: Uncertain demand and expenses for startup parking facilities that were planned as part of the series 2005 financing; A permissive additional bonds test for subordinate bonds that requires a projected coverage multiple of 1.20x annual debt service; and The parking system's exposure to competition and economic cyclicality. These concerns are offset by the following credit strengths: The parking system has historically had strong liquidity, with a current unrestricted cash and investments balance of about $18.9 million, representing more than 3,400 days' operating cash on hand, or 39% of outstanding parking revenue bond debt; |
| Brief Excerpt: | RESEARCH Ratings Definitions Columbia, South Carolina; Parking Publication date: ##-Apr-#### Primary Credit Analyst: Robert Hannay, San Francisco (#) ###-###-####; robert_hannay@standardandpoors.com Secondary Credit Analyst: Adam... |
| Word Count: | 2194 |
| Issuer: | Columbia |
| Sector: | Public Finance |
| Country: | United States |
| Region: | United States |
| Format: | 
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