...February 11, 2021 FARMERS BRANCH (S&P Global Ratings) Feb. 11, 2021--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 remains negative. "The downgrade reflects our view of the corporation's ongoing trend of significant, rapid pledged revenue decline, caused by the ongoing COVID-19 pandemic and resulting decline in demand for business travel and hotel stays," said S&P Global Ratings credit analyst Amahad Brown. As a result, OPDC anticipates continued draws on reserves over the short term to make full and timely debt service payments. The rating action reflects our view of the heightened health and safety risks associated with the 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 (ESG)...
