Springdale, AR's Declining Sales Tax Revenues, Significantly Reduced Coverage Cut Debt Rating Two Notches To 'A' - S&P Global Ratings’ Credit Research

Springdale, AR's Declining Sales Tax Revenues, Significantly Reduced Coverage Cut Debt Rating Two Notches To 'A'

Springdale, AR's Declining Sales Tax Revenues, Significantly Reduced Coverage Cut Debt Rating Two Notches To 'A' - S&P Global Ratings’ Credit Research
Springdale, AR's Declining Sales Tax Revenues, Significantly Reduced Coverage Cut Debt Rating Two Notches To 'A'
Published Apr 09, 2010
1233 words — Published Apr 09, 2010
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Abstract:

DALLAS (Standard&Poor's) April 9, 2010--Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Springdale, Ark.'s series 2006 sales and use tax refunding and improvement bonds two notches to 'A' from 'AA-' based on the city's declining sales tax revenues, which have led to a significant debt service coverage reduction. The outlook is stable. The rating reflects Standard&Poor's opinion of: Recent sales tax revenue declines that have subsequently caused coverage to deteriorate to a weak 1.07x maximum annual debt service; and What Standard&Poor's believes is a structural shift in the city's retail base due to the emergence of competing shopping alternatives in neighboring communities, including Rogers, Bentonville, and Fayetteville. "It is our opinion

  
Brief Excerpt:

RESEARCH Springdale, AR's Declining Sales Tax Revenues, Significantly Reduced Coverage Cut Debt Rating Two Notches To 'A' Publication date: 09-Apr-2010 Primary Credit Analyst: Omar Tabani, Dallas 214-871-1472; omar_tabani@standardandpoors.com...

  
Report Type:

Ratings Action

Issuer
Springdale
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Springdale, AR's Declining Sales Tax Revenues, Significantly Reduced Coverage Cut Debt Rating Two Notches To 'A'" Apr 09, 2010. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Springdale-AR-s-Declining-Sales-Tax-Revenues-Significantly-Reduced-Coverage-Cut-Debt-Rating-Two-Notches-To-A-788620>
  
APA:
S&P Global Ratings’ Credit Research. (). Springdale, AR's Declining Sales Tax Revenues, Significantly Reduced Coverage Cut Debt Rating Two Notches To 'A' Apr 09, 2010. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Springdale-AR-s-Declining-Sales-Tax-Revenues-Significantly-Reduced-Coverage-Cut-Debt-Rating-Two-Notches-To-A-788620>
  
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