Summary: DeKalb-Jackson Water Supply District Inc., Alabama DeKalb-Jackson Cooperative District; Water/Sewer

S&P Global Ratings lowered its long-term rating on DeKalb-Jackson Water Supply District Inc. (DKJWD), Ala.'s utility revenue debt eight notches to 'B' from 'A-' and its long-term rating on DeKalb-Jackson Cooperative District's (DKJCD) series 2016 revenue bonds to 'B-' from 'BBB+'. At the same time, we removed the ratings from CreditWatch with negative implications, where they had been placed on June 3, 2019. The cooperative district was established to allow the water supply district to financially support a start-up gas utility, the Upper Sand Mountain Gas District (USMGD). As of the end of fiscal 2019, the cooperative district had $35.5 million in long-term debt outstanding ($15.4 million in water district debt and $19.9 million in gas district debt). The outlook

...S&P Global Ratings lowered its long-term rating on DeKalb-Jackson Water Supply District Inc. (DKJWD), Ala.'s utility revenue debt eight notches to 'B' from 'A-' and its long-term rating on DeKalb-Jackson Cooperative District's (DKJCD) series 2016 revenue bonds to 'B-' from '###+'. At the same time, we removed the ratings from CreditWatch with negative implications, where they had been placed on June 3, 2019. The cooperative district was established to allow the water supply district to financially support a start-up gas utility, the Upper Sand Mountain Gas District (USMGD). As of the end of fiscal 2019, the cooperative district had $35.5 million in long-term debt outstanding ($15.4 million in water district debt and $19.9 million in gas district debt). The outlook is negative. An obligation rated 'B' is more vulnerable to nonpayment than obligations rated '##', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or...

Summary