DALLAS (Standard&Poor's) Oct. 5, 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 'D' from 'CCC', and removed the rating from CreditWatch with developing implications, where it had been placed Dec. 17, 2014. The downgrade follows the missed interest payment that was due to bondholders on Oct. 1, 2015. The litigation between Vieste SPE, LLC and the City of Glendale continues, and the facility not operating and therefore not generating any revenue to make payments due on the bonds. Although as of Oct. 1, there were sufficient funds remaining in the debt service reserve fund to make the
