DALLAS (Standard&Poor's) July 2, 2015--Standard&Poor's Ratings Services has lowered to 'CCC' from 'BB+' the rating on the Phoenix Industrial Development Authority's series 2013 solid waste disposal facilities revenue bonds. The rating remains on CreditWatch with developing implications. "This rating action is a reflection of the prolonged and escalating legal dispute between the city of Glendale, Ariz., and Vieste SPE LLC, and the potential for a default on the bonds within the next 12 months," 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 (MRF) in Glendale. The rating was previously
