Winnsboro, TX GO Bond Rating Lowered To 'A' From 'A+', Then Withdrawn - S&P Global Ratings’ Credit Research

Winnsboro, TX GO Bond Rating Lowered To 'A' From 'A+', Then Withdrawn

Winnsboro, TX GO Bond Rating Lowered To 'A' From 'A+', Then Withdrawn - S&P Global Ratings’ Credit Research
Winnsboro, TX GO Bond Rating Lowered To 'A' From 'A+', Then Withdrawn
Published Mar 28, 2024
2 pages (1043 words) — Published Mar 28, 2024
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Abstract:

DALLAS (S&P Global Ratings) March 28, 2024--S&P Global Ratings lowered its underlying rating (SPUR) on Winnsboro, Texas' general obligation bonds to 'A' from 'A+'. We simultaneously withdrew our SPUR on the bonds. "The downgrade reflects what we view as significant deterioration in the city's reserves and a nominally low fund balance due to weak budgetary performance in the city's audited fiscal 2021 results," said S&P Global Ratings credit analyst Bikram Dhaliwal. "We withdrew the rating due to lack of sufficient information, in particular the city's audited fiscal 2022 annual financial statements," he added. We consider the required information necessary to maintain and assess our ratings. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch

  
Brief Excerpt:

...March 28, 2024 DALLAS (S&P Global Ratings) March 28, 2024--S&P Global Ratings lowered its underlying rating (SPUR) on Winnsboro, Texas' general obligation bonds to 'A' from 'A+'. We simultaneously withdrew our SPUR on the bonds. "The downgrade reflects what we view as significant deterioration in the city's reserves and a nominally low fund balance due to weak budgetary performance in the city's audited fiscal 2021 results," said S&P Global Ratings credit analyst Bikram Dhaliwal. "We withdrew the rating due to lack of sufficient information, in particular the city's audited fiscal 2022 annual financial statements," he added. We consider the required information necessary to maintain and assess our ratings. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: - Transparency and reporting...

  
Report Type:

Ratings Action

Issuer
Winnsboro
Sector
Public Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Winnsboro, TX GO Bond Rating Lowered To 'A' From 'A+', Then Withdrawn" Mar 28, 2024. Alacra Store. Apr 28, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Winnsboro-TX-GO-Bond-Rating-Lowered-To-A-From-A-Then-Withdrawn-3146157>
  
APA:
S&P Global Ratings’ Credit Research. (). Winnsboro, TX GO Bond Rating Lowered To 'A' From 'A+', Then Withdrawn Mar 28, 2024. New York, NY: Alacra Store. Retrieved Apr 28, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Winnsboro-TX-GO-Bond-Rating-Lowered-To-A-From-A-Then-Withdrawn-3146157>
  
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