Overland Park Development Corp., KS 2019 Improvement And Refunding Revenue Bonds Rating Lowered To 'BB+' From 'BBB'

FARMERS BRANCH (S&P Global Ratings) July 17, 2020--S&P Global Ratings lowered its long-term rating on Overland Park Development Corp. (OPDC), Kan.'s series 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel) by two notches to 'BB+' from 'BBB'. The outlook is negative. "The downgrade reflects our view of the corporation's significant, rapid pledged revenue deterioration tied to stay-at-home orders and social distancing guidelines meant to slow the spread of COVID-19," said S&P Global Ratings credit analyst Amahad Brown. As a result, the corporation anticipates likely draws on debt service reserves over the near term to make full and timely debt service payments. In our view, the rating action reflects the heightened health and safety risks associated with the

...July 17, 2020 FARMERS BRANCH (S&P Global Ratings) July 17, 2020--S&P Global Ratings lowered its long-term rating on Overland Park Development Corp. (OPDC), Kan.'s series 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel) by two notches to '##+' from '###'. The outlook is negative. "The downgrade reflects our view of the corporation's significant, rapid pledged revenue deterioration tied to stay-at-home orders and social distancing guidelines meant to slow the spread of COVID-19," said S&P Global Ratings credit analyst Amahad Brown. As a result, the corporation anticipates likely draws on debt service reserves over the near term to make full and timely debt service payments. In our view, the rating action reflects the heightened health and safety risks associated with the COVID-19 pandemic and resulting actions taken by state and local officials to prevent community spread, which we view as social risks within our environment, social, and governance factors....

Ratings Action