Summary: Hazelwood Industrial Development Authority, Missouri Hazelwood; Appropriations

Standard&Poor's Ratings Services has placed its 'AA-' long-term rating on Hazelwood Industrial Development Authority, Mo.'s series 2007 annual appropriation capital projects bonds on CreditWatch with negative implications. The CreditWatch placement reflects the possibility of a multiple-notch downgrade pending further clarity on the security and structure of the bonds as it relates to the application of our appropriation criteria. The 2007 bonds were issued to finance the construction of a wildlife museum and aquarium within a Cabela's retail store. Through a financing agreement between the authority and the city of Hazelwood, the city has agreed to annually appropriate from any legally available revenue an amount sufficient to pay debt service on the bonds. USPF Criteria: Assigning Issue Credit Ratings

...Standard & Poor's Ratings Services has placed its '##-' long-term rating on Hazelwood Industrial Development Authority, Mo.'s series 2007 annual appropriation capital projects bonds on CreditWatch with negative implications. The CreditWatch placement reflects the possibility of a multiple-notch downgrade pending further clarity on the security and structure of the bonds as it relates to the application of our appropriation criteria. The 2007 bonds were issued to finance the construction of a wildlife museum and aquarium within a Cabela's retail store. Through a financing agreement between the authority and the city of Hazelwood, the city has agreed to annually appropriate from any legally available revenue an amount sufficient to pay debt service on the bonds....

Summary