Bee County, TX Bond Rating Outlook Revised To Negative On Weakening Economy - S&P Global Ratings’ Credit Research

Bee County, TX Bond Rating Outlook Revised To Negative On Weakening Economy

Bee County, TX Bond Rating Outlook Revised To Negative On Weakening Economy - S&P Global Ratings’ Credit Research
Bee County, TX Bond Rating Outlook Revised To Negative On Weakening Economy
Published Jun 26, 2020
2 pages (1091 words) — Published Jun 26, 2020
Price US$ 150.00  |  Buy this Report Now

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Abstract:

CHICAGO (S&P Global Ratings) June 26, 2020--S&P Global Ratings has revised its outlook to negative from stable and affirmed its AA-' rating on Bee County, Texas' general obligation (GO) debt and certificates of obligation outstanding. At the same time, we assigned our 'AA-' rating to Bee County, Texas' $2.74 million series 2020 general obligation refunding bonds. "The negative outlook reflects the decline in the stabilizing influence of the state correctional facilities, due to negative inmate population trends, with the recent closure of one facility," said S&P Global Ratings analyst Bobbi Gajwani. In addition, there have been sizable cost overruns related to the construction of the county's new jail. Also contributing to our outlook revision is the potential for revenue loss

  
Brief Excerpt:

...June 26, 2020 CHICAGO (S&P Global Ratings) June 26, 2020--S&P Global Ratings has revised its outlook to negative from stable and affirmed its ##-' rating on Bee County, Texas' general obligation (GO) debt and certificates of obligation outstanding. At the same time, we assigned our '##-' rating to Bee County, Texas' $2.74 million series 2020 general obligation refunding bonds. "The negative outlook reflects the decline in the stabilizing influence of the state correctional facilities, due to negative inmate population trends, with the recent closure of one facility," said S&P Global Ratings analyst Bobbi Gajwani. In addition, there have been sizable cost overruns related to the construction of the county's new jail. Also contributing to our outlook revision is the potential for revenue loss associated with sales taxes as a result of COVID-19 recessionary pressures with sales taxes down 9% year-over-year as of June. Though the county has a high 45% fund balance, continued pressure on revenues...

  
Report Type:

Ratings Action

Issuer
Bee Cnty
Sector
Public Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bee County, TX Bond Rating Outlook Revised To Negative On Weakening Economy" Jun 26, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bee-County-TX-Bond-Rating-Outlook-Revised-To-Negative-On-Weakening-Economy-2470065>
  
APA:
S&P Global Ratings’ Credit Research. (). Bee County, TX Bond Rating Outlook Revised To Negative On Weakening Economy Jun 26, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bee-County-TX-Bond-Rating-Outlook-Revised-To-Negative-On-Weakening-Economy-2470065>
  
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