Hazelwood, MO 2007 Bond Rating Lowered To 'A+' On Review Of Project Risk, Bond Structure; Off Watch

CHICAGO (Standard&Poor's) Dec. 23, 2015--Standard&Poor's Ratings Services lowered its long-term rating to 'A+' from 'AA-' on the Hazelwood Industrial Development Authority, Mo.'s series 2007 annual appropriation capital projects bonds, issued for the city of Hazelwood. At the same time, we removed the ratings from CreditWatch, where they had been placed on Sept. 28, 2015. Standard&Poor's also affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's general obligation (GO) bonds, and its 'AA-' long-term rating on the city's certificates of participation (COPs). The outlook on all ratings is stable. "The rating action follows clarification on the security and structure of the bonds as it relates to the application of our appropriation criteria,"

...CHICAGO (Standard & Poor's) Dec. 23, 2015--Standard & Poor's Ratings Services lowered its long-term rating to 'A+' from '##-' on the Hazelwood Industrial Development Authority, Mo.'s series 2007 annual appropriation capital projects bonds, issued for the city of Hazelwood. At the same time, we removed the ratings from CreditWatch, where they had been placed on Sept. 28, 2015. Standard & Poor's also affirmed its '##' long-term rating and underlying rating (SPUR) on the city's general obligation (GO) bonds, and its '##-' long-term rating on the city's certificates of participation (COPs). The outlook on all ratings is stable. "The rating action follows clarification on the security and structure of the bonds as it relates to the application of our appropriation criteria," said Standard & Poor's credit analyst Benjamin Gallovic. The city's unlimited ad valorem property tax GO pledge secures its outstanding GO bonds. The '##-' rating on the city's COPs is based on our anticipation that the...

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