Summary: Hazelwood, Missouri; Appropriations; General Obligation

Standard&Poor's Ratings Services lowered its long-term rating to 'A+' from 'AA-' on the Hazelwood Industrial Development Authority, Mo.'s series 2007 annual appropriation capital projects bonds, issued for the city of Hazelwood. At the same time, we removed the rating from CreditWatch, where it had been placed on Sept. 28, 2015, following clarification on the security and structure of the bonds as it relates to the application of our appropriation criteria. In addition, Standard&Poor's affirmed its 'AA' long-term rating and underlying ratings (SPUR) on the city's general obligation (GO) bonds, and its 'AA-' long-term rating on the city's certificates of participation (COPs). The outlook on all ratings is stable. The city's unlimited ad valorem property tax GO

...Standard & Poor's Ratings Services lowered its long-term rating to 'A+' from '##-' on the Hazelwood Industrial Development Authority, Mo.'s series 2007 annual appropriation capital projects bonds, issued for the city of Hazelwood. At the same time, we removed the rating from CreditWatch, where it had been placed on Sept. 28, 2015, following clarification on the security and structure of the bonds as it relates to the application of our appropriation criteria. In addition, Standard & Poor's affirmed its '##' long-term rating and underlying ratings (SPUR) on the city's general obligation (GO) bonds, and its '##-' long-term rating on the city's certificates of participation (COPs). The outlook on all ratings is stable. The city's unlimited ad valorem property tax GO pledge secures its outstanding GO bonds. The '##-' rating on the city's COPs is based on our anticipation that the city will use any legally available revenue to meet its lease payment obligations. The rating is one notch below...

Summary