DALLAS (Standard&Poor's) April 1, 2015--Standard&Poor's Ratings Services has lowered its rating on the Industrial Development Authority of the City of Phoenix, Ariz.'s series 2013 solid waste disposal facilities revenue bonds to 'BB+' from 'BBB-'. "The downgrade reflects the draw on the debt service reserve fund to make the April 1, 2015 payment," said Standard&Poor's credit analyst James Breeding. The bonds were issued in 2013 with proceeds loaned to Vieste Energy SPE, LLC (the borrower) for the purpose of constructing and equipping a materials recovery facility in Glendale, Ariz. In December 2014, Standard&Poor's lowered the rating to 'BBB-' from 'A+' and placed it on CreditWatch with developing implications. The rating remains on CreditWatch,
