DALLAS (Standard&Poor's) Dec. 17, 2014--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 'BBB-' from 'A+' and placed the rating on CreditWatch with developing implications. 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 (MRF) in Glendale, Ariz. The facility was completed earlier in 2014, but has not been declared open for commercial operations and is currently in an extended commissioning period. There is an ongoing dispute between Vieste and the City of Glendale regarding the delivery of acceptable waste
