Standard&Poor's Ratings Services has lowered its rating on the Industrial Development Authority of the City of Phoenix, Ariz.'s series 2013 solid waste disposal facilities revenue bonds to 'BB+' from 'BBB-'. The downgrade reflects the draw on the debt service reserve fund (DSRF) to make the April 1, 2015 payment. The bonds were issued in 2013 with proceeds loaned to Vieste Energy SPE, LLC (the borrower) for the purpose of constructing and equipping a materials recovery facility (MRF) in Glendale, Ariz. In December 2014, Standard&Poor's lowered the rating to 'BBB-' from 'A+' and placed it on CreditWatch with developing implications. The rating remains on CreditWatch, as there is the potential for both positive and negative credit events
