Summary: Overland Park Development Corp., Kansas Overland Park; Miscellaneous Tax

S&P Global Ratings lowered its long-term rating on Overland Park Development Corp. (OPDC), Kan.'s series 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel) by two notches to 'BB+' from 'BBB'. The outlook is negative. The downgrade reflects our view of the corporation's significant, rapid pledged revenue deterioration, tied to stay-at-home orders and social distancing guidelines meant to slow the spread of COVID-19. As a result, the corporation anticipates likely draws on reserves over the near term to make full and timely debt service payments. In our view, the rating action reflects the heightened health and safety risks associated with the COVID-19 pandemic and resulting actions taken by state and local officials to prevent community spread, which we

...S&P Global Ratings lowered its long-term rating on Overland Park Development Corp. (OPDC), Kan.'s series 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel) by two notches to '##+' from '###'. The outlook is negative. The downgrade reflects our view of the corporation's significant, rapid pledged revenue deterioration, tied to stay-at-home orders and social distancing guidelines meant to slow the spread of COVID-19. As a result, the corporation anticipates likely draws on reserves over the near term to make full and timely debt service payments. In our view, the rating action reflects the heightened health and safety risks associated with the COVID-19 pandemic and resulting actions taken by state and local officials to prevent community spread, which we view as social risks within our environment, social, and governance (ESG) factors. We believe that the loss in demand for hotel stays tied to business and leisure travel will continue to pressure pledged...

Summary