Mound, MInnesota; General Obligation

Size: px
Start display at page:

Download "Mound, MInnesota; General Obligation"

Transcription

1 Summary: Mound, MInnesota; General Obligation Primary Credit Analyst: Cora Bruemmer, Chicago (312) ; Secondary Contact: Caroline E West, Chicago (1) ; caroline.west@spglobal.com Table Of Contents Rationale Outlook Related Research NOVEMBER 7,

2 Summary: Mound, MInnesota; General Obligation Credit Profile US$6.075 mil GO bnds ser 2016A dtd 12/01/2016 due 02/01/2037 Long Term Rating AA/Stable New US$2.925 mil GO rfdg bnds ser 2016B dtd 12/01/2016 due 02/01/2028 Long Term Rating AA/Stable New Mound GO Rationale S&P Global Ratings assigned its 'AA' long-term rating to Mound, Minn.'s series 2016A general obligation (GO) bonds and series 2016B GO refunding bonds. At the same time, we affirmed our 'AA' long-term rating on the city's existing GO debt. The outlook is stable. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes without limitation as to rate or amount secure both series of bonds. The city also pledges special assessment revenues and the net revenues of the utility systems for both series, but we rate to the GO pledge. Proceeds for the series 2016A bonds will finance street reconstruction and utility improvement projects and the purchase of a fire truck. The series 2016B bonds will current refund the series 2006B, 2007B, and 2008B bonds for interest cost savings. The long-term rating reflects our assessment of the following factors for the city, specifically its: Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA); Strong management, with "good" financial policies and practices under our Financial Management Assessment (FMA) methodology; Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level in fiscal 2015; Very strong budgetary flexibility, with an available fund balance in fiscal 2015 of 54% of operating expenditures; Very strong liquidity, with total government available cash at 142.3% of total governmental fund expenditures and 4.3x governmental debt service, and access to external liquidity we consider strong; Weak debt and contingent liability position, with debt service carrying charges at 33.3% of expenditures and net direct debt that is 544.6% of total governmental fund revenue, but rapid amortization, with 71.1% of debt scheduled to be retired in 10 years; and Strong institutional framework score. Very strong economy We consider Mound's economy very strong. The city, with an estimated population of 9,372, covers 3.18 square miles on the western shores of Lake Minnetonka about 20 miles west of Minneapolis-St. Paul in Hennepin County. It is in the NOVEMBER 7,

3 Summary: Mound, MInnesota; General Obligation Minneapolis-St. Paul-Bloomington MSA, which we consider to be broad and diverse. The city has a projected per capita effective buying income of 150% of the national level and per capita market value of $127,953. Overall, market value grew by 4.2% over the past year to $1.2 billion in The county unemployment rate was 3.3% in The city serves as the downtown for the neighboring city of Minnetrista and has a limited, but stable, employment base: the local school district (275 employees) and a private golf club (65) are the largest employers. Given its location, residents can commute to, and around, the greater Minneapolis-St. Paul MSA for employment opportunities. The city is fully built-out, so all new development is redevelopment of existing properties. Management reports several senior and affordable housing redevelopment projects scheduled to begin next year, while commercial development remains limited. Officials expect the net tax capacity to continue to have moderate increases over the next few years. Strong management We view the city's management as strong, with "good" financial policies and practices under our FMA methodology, indicating financial practices exist in most areas, but that governance officials might not formalize or monitor all of them on a regular basis. The city performs a line by line approach for its budgetary process with each department and uses the prior three years of historical information to assist. The budget can be amended if needed, but the city rarely has to amend. The council is updated monthly on a budget-to-actual result. The city doesn't have a formal long-term financial plan that is updated annually. It has a five-year capital plan, which is updated and shared with the council annually and identifies sources and uses of funds. The city has an investment policy and reports monthly to its council members the holdings and performance. It does not have a debt management policy but adheres to state guidelines. The city has a formal reserve policy, which states that it has a general guideline to maintain an unassigned general fund balance of not less than 20% of budgeted operating expenditures, which was derived for cash flow purposes. Strong budgetary performance Mound's budgetary performance is strong, in our opinion. The city had operating surpluses of 5.9% of expenditures in the general fund and 6.2% across all governmental funds in fiscal Our assessment accounts for the fact that we expect budgetary results could deteriorate somewhat from 2015 results in the near term. General fund operating results of the city have been stable over the last three years, with results of 4.6% in 2014 and 4.6% in The city has budgeted for a deficit of $122,000 or 2.3% in the general fund for fiscal 2016, but officials are currently projecting a $100,000 surplus. The city typically budgets for small deficits and closes the year better than budget due to conservative budgeting. In fiscal years 2015 and 2016, its tax, license, and permit revenues were higher than expected. Additionally, in fiscal 2016, the city budgeted for both the public works director and city manager positions, but these have been consolidated into one position. The preliminary fiscal 2017 budget calls for a $144,000 deficit, but we expect results will likely be similar to prior years and budgetary performance will remain strong. Very strong budgetary flexibility Mound's budgetary flexibility is very strong, in our view, with an available fund balance in fiscal 2015 of 54% of operating expenditures, or $2.7 million. We expect the available fund balance to remain above 30% of expenditures for the current and next fiscal years, which we view as a positive credit factor. NOVEMBER 7,

4 Summary: Mound, MInnesota; General Obligation The city has held reserves in excess of 40% of general fund operating expenditures and transfers out for the past three fiscal years. Despite the budgeted deficits for fiscal years 2016 and 2017, we expect the city's budgetary flexibility to remain very strong as we have seen better-than-budgeted results for the city the past three years. We expect reserves to remain above 40% of operating expenses and transfers out. Very strong liquidity In our opinion, Mound's liquidity is very strong, with total government available cash at 142.3% of total governmental fund expenditures and 4.3x governmental debt service in In our view, the city has strong access to external liquidity if necessary. The city has been issuing GO debt for the past ten years and is a frequent issuer. We do not expect its cash position to change much over the next two years as a percentage of total government expenditures and debt service. The city's investments are held in CDs and money market accounts, so we don't view its use of investments as aggressive. Weak debt and contingent liability profile In our view, Mound's debt and contingent liability profile is weak. Total governmental fund debt service is 33.3% of total governmental fund expenditures, and net direct debt is 544.6% of total governmental fund revenue. Approximately 71.1% of the direct debt is scheduled to be repaid within 10 years, which is, in our view, a positive credit factor. We have excluded from the city's direct debt the portion of its GO-backed debt that is self-supporting with revenue from its utility funds. The city plans to issue approximately $6 million of debt in 2017 for street reconstruction projects. We do not expect the additional issuance to materially affect the debt profile. Mound's combined required pension and actual other postemployment benefit (OPEB) contributions totaled 1.9% of total governmental fund expenditures in Of that amount, 1.4% represented required contributions to pension obligations, and 0.5% represented OPEB payments. The city made its full annual required pension contribution in The city participates in cost-sharing multiemployer defined-benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the General Employees Retirement Fund (GERF) and the Public Employees Police and Fire Fund (PEPFF). The city's annual required pension contribution to both GERF and PEPFF is determined by state statute and based on a percentage of payroll. The funded ratios of the plans were 76.3% for GERF and 83.6% for PEPFF in fiscal The city has not adopted the updated reporting standards in accordance with Governmental Accounting Standard Board (GASB) Statement Nos. 67 and 68. The city provides limited OPEBs. At the close of fiscal 2015, there were five retirees receiving benefits. Current and new employees are not eligible for explicit benefits. The city contributes to the plan on a pay-as-you-go basis, and contributed $55,637 in fiscal Strong institutional framework The institutional framework score for Minnesota cities with a population greater than 2,500 is strong. NOVEMBER 7,

5 Summary: Mound, MInnesota; General Obligation Outlook The stable outlook reflects our view that Mound will maintain its very strong budget flexibility, liquidity and economic profile. We do not expect to revise the rating within the two-year outlook period. Upside scenario If the debt profile of the city materially improves to a level that we would consider adequate, we could raise the rating, but, in our view, this is unlikely during the two-year outlook period. Downside scenario We could lower the rating if the city's budgetary performance deteriorates, resulting in less-than-very strong budgetary flexibility or liquidity, although we do not expect this to occur during the outlook period. Related Research S&P Public Finance Local GO Criteria: How We Adjust Data For Analytic Consistency, Sept. 12, 2013 Ratings Detail (As Of November 7, 2016) Mound taxable Go bnds ser 2013B dtd 05/02/2013 due 02/01/ Mound GO Mound GO bnds ser 2012A dtd 07/12/2012 due 02/01/ Mound GO rfdg bnds ser 2012B dtd 07/12/2012 due 02/01/ Mound GO util & imp bnds ser 2013A dtd 05/02/2013 due 02/01/ Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column. NOVEMBER 7,

6 Copyright 2016 by Standard & Poor s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC. NOVEMBER 7,

Friendswood, Texas; General Obligation

Friendswood, Texas; General Obligation Summary: Friendswood, Texas; General Obligation Primary Credit Analyst: Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors.com Secondary Contact: Lauren H Spalten, Dallas (1)

More information

Shenandoah, Texas; General Obligation

Shenandoah, Texas; General Obligation Summary: Shenandoah, Texas; General Obligation Primary Credit Analyst: Alexander L Laufer, Dallas 214-765-5876; alexander.laufer@standardandpoors.com Secondary Contact: Sarah L Smaardyk, Dallas (1) 214-871-1428;

More information

Bristol, Connecticut; General Obligation; Note

Bristol, Connecticut; General Obligation; Note Summary: Bristol, Connecticut; General Obligation; Note Primary Credit Analyst: Victor M Medeiros, Boston (1) 617-530-8305; victor.medeiros@spglobal.com Secondary Contact: Steven E Waldeck, Boston (1)

More information

Frederick City, Maryland; General Obligation

Frederick City, Maryland; General Obligation Summary: Frederick City, Maryland; General Obligation Primary Credit Analyst: Michael J Mooney, New York (1) 212-438-4943; michael.mooney1@standardandpoors.com Secondary Contact: Timothy W Barrett, Washington

More information

Brightwaters Village, New York; General Obligation

Brightwaters Village, New York; General Obligation Summary: Brightwaters Village, New York; General Obligation Primary Credit Analyst: Rahul Jain, New York 212-438-1202; rahul.jain@spglobal.com Secondary Contact: Anne E Cosgrove, New York (1) 212-438-8202;

More information

Stonington, Connecticut; General Obligation; Note

Stonington, Connecticut; General Obligation; Note Summary: Stonington, Connecticut; General Obligation; Note Primary Credit Analyst: Rahul Jain, New York 212-438-1202; rahul.jain@spglobal.com Secondary Contact: Victor M Medeiros, Boston (1) 617-530-8305;

More information

Canton, Massachusetts; General Obligation; Note

Canton, Massachusetts; General Obligation; Note Summary: Canton, Massachusetts; General Obligation; Note Primary Credit Analyst: Christina Marin, Boston 617-530-8312; christina.marin@standardandpoors.com Secondary Contact: Anthony Polanco, Boston 617-530-8234;

More information

Springfield, Michigan; General Obligation

Springfield, Michigan; General Obligation Summary: Springfield, Michigan; General Obligation Primary Credit Analyst: Elizabeth Bachelder, Chicago (1) 312-233-7006; elizabeth.bachelder@standardandpoors.com Secondary Contact: Errol R Arne, New York

More information

St. Marys County, Maryland; General Obligation

St. Marys County, Maryland; General Obligation Summary: St. Marys County, Maryland; General Obligation Primary Credit Analyst: Danielle L Leonardis, New York (1) 212-438-2053; danielle.leonardis@spglobal.com Secondary Contact: Steven E Waldeck, Boston

More information

Oak Park Village, Illinois; General Obligation

Oak Park Village, Illinois; General Obligation Summary: Oak Park Village, Illinois; General Obligation Primary Credit Analyst: Helen Samuelson, Chicago (1) 312-233-7011; helen.samuelson@spglobal.com Secondary Contact: Eric J Harper, Chicago (1) 312-233-7094;

More information

Prince William County, Virginia; Appropriations; General Obligation

Prince William County, Virginia; Appropriations; General Obligation Summary: Prince William County, Virginia; Appropriations; General Obligation Primary Credit Analyst: Danielle L Leonardis, New York (1) 212-438-2053; danielle.leonardis@standardandpoors.com Secondary Contact:

More information

Montebello Public Financing Authority Montebello, California; Appropriations; General Obligation

Montebello Public Financing Authority Montebello, California; Appropriations; General Obligation Summary: Montebello Public Financing Authority Montebello, California; Appropriations; General Obligation Primary Credit Analyst: Michael Z Stock, New York (1) 212-438-2611; michael.stock@spglobal.com

More information

April 10,

April 10, www.spglobal.com/ratingsdirect April 10, 2018 1 www.spglobal.com/ratingsdirect April 10, 2018 2 www.spglobal.com/ratingsdirect April 10, 2018 3 www.spglobal.com/ratingsdirect April 10, 2018 4 www.spglobal.com/ratingsdirect

More information

Jacksonville, Florida; General Obligation; Miscellaneous Tax

Jacksonville, Florida; General Obligation; Miscellaneous Tax Summary: Jacksonville, Florida; General Obligation; Miscellaneous Tax Primary Credit Analyst: Hilary A Sutton, New York (1) 212-438-7093; hilary.sutton@standardandpoors.com Secondary Contact: Le T Quach,

More information

Metropolitan Water Reclamation District of Greater Chicago; General Obligation

Metropolitan Water Reclamation District of Greater Chicago; General Obligation Summary: Metropolitan Water Reclamation District of Greater Chicago; General Obligation Primary Credit Analyst: Jennifer Boyd, Chicago (1) 312-233-7040; jennifer.boyd@spglobal.com Secondary Contact: John

More information

Apex Town, North Carolina; General Obligation

Apex Town, North Carolina; General Obligation Summary: Apex Town, North Carolina; General Obligation Primary Credit Analyst: Linda Yip, New York (1) 212-438-2036; linda_yip@standardandpoors.com Secondary Contact: Andrew R Teras, Boston (1) 617-530-8315;

More information

Monrovia, California; Appropriations; General Obligation

Monrovia, California; Appropriations; General Obligation Summary: Monrovia, California; Appropriations; General Obligation Primary Credit Analyst: Michael Parker, Centennial 303-721-4701; michael.parker@spglobal.com Secondary Contact: Li Yang, San Francisco

More information

Bay City, Michigan; General Obligation

Bay City, Michigan; General Obligation Summary: Bay City, Michigan; General Obligation Primary Credit Analyst: Benjamin D Gallovic, Chicago (312) 233-7070; benjamin.gallovic@standardandpoors.com Secondary Contact: Helen Samuelson, Chicago (1)

More information

Wicomico County, Maryland; General Obligation

Wicomico County, Maryland; General Obligation Summary: Wicomico County, Maryland; General Obligation Primary Credit Analyst: Timothy W Barrett, New York (1) 212-438-6327; timothy.barrett@standardandpoors.com Secondary Contact: Lindsay Wilhelm, New

More information

28 ИЮНЯ 2012 Г. 1

28 ИЮНЯ 2012 Г. 1 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 1 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 2 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 3 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT

More information

City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Outlook Stable

City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Outlook Stable Research Update: City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Primary Credit Analyst: Dina Shillis, CFA, Toronto (416) 507-3214; dina.shillis@spglobal.com Secondary

More information

Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable

Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable Research Update: Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108; david.veno@spglobal.com Secondary Contact:

More information

Connecticut; State Revolving Funds/Pools

Connecticut; State Revolving Funds/Pools Summary: ; State Revolving Funds/Pools Primary Credit Analyst: Erin Boeke Burke, New York 212-438-1515; Erin.Boeke-Burke@spglobal.com Secondary Contact: Scott D Garrigan, New York (1) 312-233-7014; scott.garrigan@spglobal.com

More information

Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax

Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax Summary: Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax Primary Credit Analyst: Jennifer Hansen, San Francisco (1) 415-371-5035; jen.hansen@spglobal.com Secondary Contact: Kaila

More information

Southern California Metropolitan Water District; General Obligation; Water/Sewer

Southern California Metropolitan Water District; General Obligation; Water/Sewer Summary: Southern California Metropolitan Water District; General Obligation; Water/Sewer Primary Credit Analyst: Chloe S Weil, San Francisco (1) 415-371-5026; chloe.weil@standardandpoors.com Secondary

More information

Lyndhurst Township, New Jersey; General Obligation

Lyndhurst Township, New Jersey; General Obligation Summary: Lyndhurst Township, New Jersey; General Obligation Primary Credit Analyst: Steve C Tencer, CPA, New York (1) 212-438-2104; steve.tencer@standardandpoors.com Secondary Contact: Moreen T Skyers-Gibbs,

More information

Territory of Yukon 'AA' Rating Affirmed On Exceptional Liquidity And Very Low Debt Burden

Territory of Yukon 'AA' Rating Affirmed On Exceptional Liquidity And Very Low Debt Burden Research Update: Territory of Yukon 'AA' Rating Affirmed On Exceptional Liquidity And Very Low Debt Burden Primary Credit Analyst: Stephen Ogilvie, Toronto (1) 416-507-2524; stephen.ogilvie@spglobal.com

More information

Prince William County, Virginia; Appropriations; General Obligation

Prince William County, Virginia; Appropriations; General Obligation Summary: Prince William County, Virginia; Appropriations; General Obligation Primary Credit Analyst: Danielle L Leonardis, New York (1) 212-438-2053; danielle.leonardis@standardandpoors.com Secondary Contact:

More information

Burlington, Massachusetts; General Obligation; Note

Burlington, Massachusetts; General Obligation; Note Summary: Burlington, Massachusetts; General Obligation; Note Primary Credit Analyst: Henry W Henderson, Boston (1) 617-530-8314; henry_henderson@standardandpoors.com Secondary Contact: Victor Medeiros,

More information

U.K. Life Insurer Scottish Equitable 'A+' Rating Affirmed; Outlook Remains Negative

U.K. Life Insurer Scottish Equitable 'A+' Rating Affirmed; Outlook Remains Negative Research Update: U.K. Life Insurer Scottish Equitable 'A+' Rating Affirmed; Outlook Remains Negative Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary

More information

Smithfield, Rhode Island; General Obligation

Smithfield, Rhode Island; General Obligation Summary: Smithfield, Rhode Island; General Obligation Primary Credit Analyst: Thomas J Zemetis, Centennial 303.721.4278; thomas.zemetis@spglobal.com Secondary Contact: Timothy W Little, New York (212)

More information

Summary: San Mateo County Community College District, California; Appropriations; General Obligation. Table Of Contents

Summary: San Mateo County Community College District, California; Appropriations; General Obligation. Table Of Contents April 11, 2012 Summary: San Mateo County Community College District, California; Appropriations; General Obligation Primary Credit Analyst: Li Yang, San Francisco (1) 415-371-5024; Li_Yang@standardandpoors.com

More information

Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded

Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded Research Update: Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274;

More information

Parker Water & Sanitation District, Colorado; General Obligation

Parker Water & Sanitation District, Colorado; General Obligation Summary: Parker Water & Sanitation District, Colorado; General Obligation Primary Credit Analyst: Misty L Newland, San Francisco (1) 415-371-5073; misty.newland@standardandpoors.com Secondary Contact:

More information

Territory of Yukon 'AA' Rating Affirmed; Outlook Is Stable

Territory of Yukon 'AA' Rating Affirmed; Outlook Is Stable Research Update: Territory of Yukon 'AA' Rating Affirmed; Outlook Is Stable Primary Credit Analyst: Stephen Ogilvie, Toronto (1) 416-507-2524; stephen.ogilvie@spglobal.com Secondary Contact: Bhavini Patel,

More information

Linden-Kildare Consolidated Independent School District, Texas; General Obligation

Linden-Kildare Consolidated Independent School District, Texas; General Obligation Summary: Linden-Kildare Consolidated Independent School District, Texas; General Obligation Primary Credit Analyst: Horacio G Aldrete-Sanchez, Dallas (1) 214-871-1426; horacio.aldrete@standardandpoors.com

More information

City of Winnipeg 'AA' Ratings Affirmed; Outlook Remains Stable

City of Winnipeg 'AA' Ratings Affirmed; Outlook Remains Stable Research Update: City of Winnipeg 'AA' Ratings Affirmed; Outlook Remains Stable Primary Credit Analyst: Hector Cedano, Toronto (1) 416 507 2536; hector.cedano@spglobal.com Secondary Contact: Bhavini Patel,

More information

Wicomico County, Maryland; General Obligation

Wicomico County, Maryland; General Obligation Summary: Wicomico County, Maryland; General Obligation Primary Credit Analyst: Tiffany Tribbitt, New York (1) 212-438-8218; Tiffany.Tribbitt@spglobal.com Secondary Contact: Danielle L Leonardis, New York

More information

Dutch Energy Distribution Network Operator Enexis Holding N.V. Assigned 'A-1' Short-Term Rating

Dutch Energy Distribution Network Operator Enexis Holding N.V. Assigned 'A-1' Short-Term Rating Research Update: Dutch Energy Distribution Network Operator Enexis Holding N.V. Assigned 'A-1' Short-Term Primary Credit Analyst: Beatrice de Taisne, CFA, London (44) 20-7176-3938; beatrice.de.taisne@spglobal.com

More information

R.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable

R.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable Research Update: R.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable Primary Credit Analyst: Saurabh B Khasnis, Centennial (1) 303-721-4554; saurabh.khasnis@spglobal.com Secondary Contacts: Hardeep

More information

Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed

Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Research Update: Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Primary Credit Analyst: Anthony J Beato, New York (1) 212-438-6066; anthony.beato@spglobal.com Secondary Contacts:

More information

Three Euler Hermes Companies Upgraded To 'AA' From 'AA-' Due To Revised Status Within The Allianz Group; Outlook Stable

Three Euler Hermes Companies Upgraded To 'AA' From 'AA-' Due To Revised Status Within The Allianz Group; Outlook Stable Research Update: Three Euler Hermes Companies Upgraded To 'AA' From 'AA-' Due To Revised Status Within The Allianz Group; Outlook Stable Primary Credit Analyst: Birgit Roeper-Gruener, Frankfurt (49) 69-33-999-172;

More information

Santa Monica Public Financing Authority, California Santa Monica; Appropriations; General Obligation

Santa Monica Public Financing Authority, California Santa Monica; Appropriations; General Obligation Summary: Santa Monica Public Financing Authority, California Santa Monica; Appropriations; General Primary Credit Analyst: Misty L Newland, San Francisco (1) 415-371-5073; misty.newland@standardandpoors.com

More information

Connecticut; Gas Tax

Connecticut; Gas Tax Primary Credit Analyst: David G Hitchcock, New York (1) 212-438-2022; david.hitchcock@spglobal.com Secondary Contact: Gabriel J Petek, CFA, San Francisco (1) 415-371-5042; gabriel.petek@spglobal.com Table

More information

AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable

AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable Research Update: AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-2013; Michael.Vine@spglobal.com

More information

Summary: Windsor, Connecticut; General Obligation. Table Of Contents. Rationale Outlook Related Research. March 12,

Summary: Windsor, Connecticut; General Obligation. Table Of Contents. Rationale Outlook Related Research. March 12, March 12, 2010 Summary: Windsor, Connecticut; General Obligation Primary Credit Analyst: Victor Medeiros, Boston (1) 617-530-8305; victor_medeiros@standardandpoors.com Secondary Credit Analyst: Henry W

More information

Hartford County Metropolitan District, Connecticut; General Obligation

Hartford County Metropolitan District, Connecticut; General Obligation Summary: Hartford County Metropolitan District, Connecticut; General Obligation Primary Credit Analyst: Hilary A Sutton, New York (1) 212-438-1000; hilary_sutton@standardandpoors.com Secondary Contact:

More information

Chicago Board of Education; General Obligation

Chicago Board of Education; General Obligation Summary: Chicago Board of Education; General Obligation Primary Credit Analyst: Jennifer Boyd, Chicago (1) 312-233-7040; jennifer.boyd@standardandpoors.com Secondary Contact: Helen Samuelson, Chicago (1)

More information

Qatar-Based Doha Bank Assurance 'BBB+' Ratings Affirmed; Outlook Remains Negative

Qatar-Based Doha Bank Assurance 'BBB+' Ratings Affirmed; Outlook Remains Negative Research Update: Qatar-Based Doha Bank Assurance 'BBB+' Ratings Affirmed; Outlook Remains Negative Primary Credit Analyst: Michael Dunckley, Dubai 0097143727182; Michael.Dunckley@spglobal.com Secondary

More information

VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund 'AAf/S1' Ratings Affirmed Following UCO Review

VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund 'AAf/S1' Ratings Affirmed Following UCO Review VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund 'AAf/S1' Ratings Affirmed Primary Credit Analyst: Peter L Rizzo, New York (1) 212-438-5059; peter.rizzo@spglobal.com Secondary Contact:

More information

National Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable

National Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable Research Update: National Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108;

More information

Interactive Brokers LLC

Interactive Brokers LLC Summary: Interactive Brokers LLC Primary Credit Analyst: Clayton D Montgomery, New York (1) 212-438-5079; clayton.montgomery@spglobal.com Secondary Contact: Robert B Hoban, New York (1) 212-438-7385; robert.hoban@spglobal.com

More information

Lubbock, Texas; Retail Electric

Lubbock, Texas; Retail Electric Summary: Lubbock, Texas; Retail Electric Primary Credit Analyst: Scott W Sagen, New York (1) 212-438-0272; scott.sagen@spglobal.com Secondary Contact: Peter V Murphy, New York (1) 212-438-2065; peter.murphy@spglobal.com

More information

Standard & Poor s Approach To Pension Liabilities In Light Of GASB 67 And 68

Standard & Poor s Approach To Pension Liabilities In Light Of GASB 67 And 68 Credit FAQ: Standard & Poor s Approach To Pension Liabilities In Light Of GASB 67 And 68 Primary Credit Analyst: John A Sugden, New York (1) 212-438-1678; john.sugden@standardandpoors.com Secondary Contacts:

More information

Chubb Insurance Singapore Ltd.

Chubb Insurance Singapore Ltd. Primary Credit Analyst: Trupti U Kulkarni, Singapore (65) 6216-1090; trupti.kulkarni@spglobal.com Secondary Contact: Billy Teh, Singapore (65) 6216-1069; billy.teh@spglobal.com Table Of Contents Major

More information

Bond Ratings 101. Minnesota Government Finance Officers Association. Arrowwood Resort Alexandria, Minnesota September 28, 2017

Bond Ratings 101. Minnesota Government Finance Officers Association. Arrowwood Resort Alexandria, Minnesota September 28, 2017 Bond Ratings 101 Cora Bruemmer Associate Director U.S. Public Finance State & Local Government Minnesota Government Finance Officers Association Arrowwood Resort Alexandria, Minnesota September 28, 2017

More information

Summary: San Benito, Texas; General Obligation

Summary: San Benito, Texas; General Obligation August 10, 2011 Summary: San Benito, Texas; General Obligation Primary Credit Analyst: Jim Tchou, New York (1) 212-438-3821; jim_tchou@standardandpoors.com Secondary Contact: Horacio Aldrete-Sanchez, Dallas

More information

Dell Inc. Corporate Credit Rating Affirmed; Outlook Revised To Positive On Debt Reduction Expectations

Dell Inc. Corporate Credit Rating Affirmed; Outlook Revised To Positive On Debt Reduction Expectations Research Update: Dell Inc. Corporate Credit Rating Affirmed; Outlook Revised To Positive On Debt Reduction Primary Credit Analyst: Martha P Toll-Reed, New York (1) 212-438-7867; molly.toll-reed@standardandpoors.com

More information

Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable

Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable Research Update: Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable Primary Credit Analyst: Bertrand P Jabouley, CFA, Singapore (65) 6239-6303; bertrand.jabouley@spglobal.com

More information

Puerto Rico; General Obligation; General Obligation Equivalent Security

Puerto Rico; General Obligation; General Obligation Equivalent Security Summary: Puerto Rico; General Obligation; General Obligation Equivalent Security Primary Credit Analyst: David G Hitchcock, New York (1) 212-438-2022; david.hitchcock@standardandpoors.com Secondary Contact:

More information

Banco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable

Banco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable Research Update: Banco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable Table Of Contents Overview Rating Action Rationale Outlook Ratings Score

More information

Fort Bend Independent School District, Texas; CP; General Obligation; School State Program

Fort Bend Independent School District, Texas; CP; General Obligation; School State Program Summary: Fort Bend Independent School District, Texas; CP; General Obligation; School State Program Primary Credit Analyst: Joshua Travis, Dallas 972-367-3340; joshua.travis@spglobal.com Secondary Contact:

More information

Germany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Outlook Stable

Germany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Outlook Stable Research Update: Germany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Primary Credit Analyst: Anton Geyze, Moscow (7) 495-783-4134; anton.geyze@spglobal.com Secondary Contact:

More information

BCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed

BCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed Research Update: BCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;

More information

City of Guelph Ratings Affirmed At 'AA+'; Outlook Remains Stable

City of Guelph Ratings Affirmed At 'AA+'; Outlook Remains Stable Research Update: City of Guelph Ratings Affirmed At 'AA+'; Outlook Remains Stable Primary Credit Analyst: Siddharth R Maniyar, Toronto (1) 416-507-2567; siddharth.maniyar@spglobal.com Secondary Contact:

More information

NN Group 'A-' And Core Subsidiary 'A+' Ratings Remain On CreditWatch Negative After Offer On Delta Lloyd

NN Group 'A-' And Core Subsidiary 'A+' Ratings Remain On CreditWatch Negative After Offer On Delta Lloyd Research Update: NN Group 'A-' And Core Subsidiary 'A+' Ratings Remain On CreditWatch Negative After Offer On Delta Lloyd Primary Credit Analyst: Marc-Philippe Juilliard, Paris +(33) 1-4075-2510; m-philippe.juilliard@spglobal.com

More information

Sovereign Rating Trends In Central America

Sovereign Rating Trends In Central America Sovereign Rating Trends In Central America Live Webcast and Q&A October 5, 2016 Joydeep Mukherji Managing Director Moderator: Sebastian Briozzo Senior Director Copyright 2016 by S&P Global. All rights

More information

Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable

Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Primary Credit Analyst: Jesus Palacios, Mexico City (52) 55-5081-2872; jesus.palacios@spglobal.com

More information

Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Performance; Ratings Affirmed

Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Performance; Ratings Affirmed Research Update: Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Primary Credit Analyst: Robert J Greensted, London (44) 20-7176-7095; robert.greensted@spglobal.com

More information

Ratings On U.K.-Based MS Amlin's Core Entities Affirmed At 'A'; Outlook Stable

Ratings On U.K.-Based MS Amlin's Core Entities Affirmed At 'A'; Outlook Stable Research Update: Ratings On U.K.-Based MS Amlin's Core Entities Affirmed At 'A'; Outlook Stable Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary Contact:

More information

Research Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan.

Research Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan. June 12, 2012 Research Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan Primary Credit Analyst: Luis Manuel M Martinez, Mexico City

More information

Sales Tax Securitization Corporation of Chicago Chicago; Sales Tax

Sales Tax Securitization Corporation of Chicago Chicago; Sales Tax Summary: Sales Tax Securitization Corporation of Chicago Chicago; Sales Tax Primary Credit Analyst: Carol H Spain, Chicago (1) 312-233-7095; carol.spain@spglobal.com Secondary Contact: Helen Samuelson,

More information

German Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable

German Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable Research Update: German Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable Primary Credit Analyst, Sovereigns And International Public Finance: Michael Stroschein, Frankfurt +49

More information

Austrian State of Upper Austria 'AA+/A-1+' Ratings Affirmed; Outlook Negative

Austrian State of Upper Austria 'AA+/A-1+' Ratings Affirmed; Outlook Negative Research Update: Austrian State of Upper Austria 'AA+/A-1+' Ratings Affirmed; Outlook Negative Primary Credit Analyst, Sovereigns And International Public Finance: Thomas F Fischinger, Frankfurt (49) 69-33-999-243;

More information

Compania Minera Milpo S.A.A. Ratings Raised To 'BB+' On Revision Of Group Status To Core; Outlook Negative

Compania Minera Milpo S.A.A. Ratings Raised To 'BB+' On Revision Of Group Status To Core; Outlook Negative Research Update: Compania Minera Milpo S.A.A. Ratings Raised To 'BB+' On Revision Of Group Status To Core; Outlook Negative Primary Credit Analyst: Gerardo Leal, Mexico City (52) 55-5081-4450; gerardo.leal@spglobal.com

More information

Aristocrat Leisure Ltd. Outlook Revised To Positive On Improved Operating Performance; 'BB' Rating Affirmed

Aristocrat Leisure Ltd. Outlook Revised To Positive On Improved Operating Performance; 'BB' Rating Affirmed Research Update: Aristocrat Leisure Ltd. Outlook Revised To Positive On Improved Operating Performance; 'BB' Rating Affirmed Primary Credit Analyst: Graeme A Ferguson, Melbourne (61) 3 9631 2098; graeme.ferguson@spglobal.com

More information

Austrian State of Burgenland Ratings Affirmed At 'AA/A-1+'; Outlook Stable

Austrian State of Burgenland Ratings Affirmed At 'AA/A-1+'; Outlook Stable Research Update: Austrian State of Burgenland Ratings Affirmed At 'AA/A-1+'; Outlook Stable Primary Credit Analyst: Niklas Steinert, Frankfurt (0049) 69 33 999 248; niklas.steinert@spglobal.com Secondary

More information

Swiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable

Swiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable Research Update: Swiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable Primary Credit Analyst: Salla von Steinaecker, Frankfurt (49) 69-33-999-164; salla.vonsteinaecker@standardandpoors.com

More information

Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive

Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive Research Update: Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive Primary Credit Analyst: Sadat Preteni, London (44) 20-7176-7560; sadat.preteni@spglobal.com Secondary Contact: Alexandre

More information

City of Laval 'AA' Ratings Affirmed; Outlook Remains Positive

City of Laval 'AA' Ratings Affirmed; Outlook Remains Positive Research Update: City of Laval 'AA' Ratings Affirmed; Outlook Remains Positive Primary Credit Analyst: Nineta Zetea, Toronto (416) 507-2508; nineta.zetea@spglobal.com Secondary Contact: Stephen Ogilvie,

More information

Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable

Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable Research Update: Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Carina Johansson, Stockholm (46) 8-440-5918; carina.johansson@spglobal.com Secondary

More information

Outlook On BrokerCreditService (Cyprus) Revised To Positive On Better Group Funding Profile; 'B/B' Ratings Affirmed

Outlook On BrokerCreditService (Cyprus) Revised To Positive On Better Group Funding Profile; 'B/B' Ratings Affirmed Research Update: Outlook On BrokerCreditService (Cyprus) Revised To Positive On Better Group Funding Profile; 'B/B' Ratings Affirmed Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;

More information

Petroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative

Petroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative Research Update: Petroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative Primary Credit Analysts: Marcela Duenas, Mexico City (52) 55-5081-4437;

More information

South African Life Insurer Liberty Group Ltd. 'zaaa+' South Africa National Scale Rating Affirmed

South African Life Insurer Liberty Group Ltd. 'zaaa+' South Africa National Scale Rating Affirmed Research Update: South African Life Insurer Liberty Group Ltd. 'zaaa+' South Africa National Scale Rating Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary

More information

Albany County Airport Authority, New York Albany International Airport; Airport

Albany County Airport Authority, New York Albany International Airport; Airport Summary: Albany County Airport Authority, New York Albany International Airport; Airport Primary Credit Analyst: Georgina Rovirosa, New York (1) 212-438-7983; georgina.rovirosa@standardandpoors.com Secondary

More information

Empresa Generadora de Electricidad Itabo S. A. 'BB-' Ratings Affirmed, Outlook Remains Stable

Empresa Generadora de Electricidad Itabo S. A. 'BB-' Ratings Affirmed, Outlook Remains Stable Research Update: Empresa Generadora de Electricidad Itabo S. A. 'BB-' Ratings Affirmed, Outlook Remains Stable Primary Credit Analyst: Stephanie Alles, Mexico City (52) 55-5081-4416; stephanie.alles@spglobal.com

More information

Gabriel Petek, CFA Managing Director U.S. Public Finance Copyright 2016 by S&P Global. All rights reserved.

Gabriel Petek, CFA Managing Director U.S. Public Finance Copyright 2016 by S&P Global. All rights reserved. Municipal Finance Conference Gabriel Petek, CFA Managing Director U.S. Public Finance Copyright 2016 by S&P Global. All rights reserved. US Recession Scenario Sharp selloff in global equity markets S&P

More information

Elenia Finance Oyj. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) ;

Elenia Finance Oyj. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) ; Summary: Elenia Finance Oyj Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary Contact: Mikaela Hillman, Stockholm (46) 8-440-5917; mikaela.hillman@standardandpoors.com

More information

Five Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign

Five Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign Research Update: Five Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign Primary Credit Analyst: Dulce M Cortes Elias, Mexico City; Dulce.Cortes-Elias@spglobal.com

More information

Virginia Beach, Virginia; Appropriations; General Obligation

Virginia Beach, Virginia; Appropriations; General Obligation Summary: Virginia Beach, Virginia; Appropriations; General Obligation Primary Credit Analyst: Lauren Freire, New York (1) 212-438-7854; lauren.freire@spglobal.com Secondary Contact: Danielle L Leonardis,

More information

Italian Multi-Utility Hera Outlook Revised To Negative On Delayed Credit Metric Recovery; 'BBB+/A-2' Ratings Affirmed

Italian Multi-Utility Hera Outlook Revised To Negative On Delayed Credit Metric Recovery; 'BBB+/A-2' Ratings Affirmed Research Update: Italian Multi-Utility Hera Outlook Revised To Negative On Delayed Credit Metric Recovery; 'BBB+/A-2' Ratings Affirmed Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207;

More information

U.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Stable

U.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Stable Research Update: U.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Primary Credit Analyst: Hugo Foxwood, London (44) 20-7176-3781; hugo.foxwood@standardandpoors.com

More information

Banca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed

Banca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed Research Update: Banca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed Primary Credit Analyst: Letizia Conversano, Milan (39) 02-72111-283; letizia.conversano@spglobal.com

More information

Comision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria

Comision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria Research Update: Comision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria Primary Credit Analyst: Marcela Duenas, Mexico City (52) 55-5081-4437;

More information

Vier Gas Transport GmbH (Open Grid Europe Group)

Vier Gas Transport GmbH (Open Grid Europe Group) Summary: Vier Gas Transport GmbH (Open Grid Europe Group) Primary Credit Analyst: Tobias Buechler, CFA, Frankfurt +49 (0)69-33 999-136; tobias.buechler@standardandpoors.com Secondary Contact: Vittoria

More information

Germany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable

Germany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable Research Update: Germany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable Primary Credit Analyst: Jean Paul Huby Klein, Frankfurt (49) 69-33-999-198;

More information

Richmond, Virginia; General Obligation

Richmond, Virginia; General Obligation Summary: Richmond, Virginia; General Obligation Primary Credit Analyst: Danielle L Leonardis, New York (1) 212-438-2053; danielle.leonardis@spglobal.com Secondary Contact: Timothy W Barrett, Washington

More information

Alameda Corridor Transportation Authority, California; Ports/Port Authorities

Alameda Corridor Transportation Authority, California; Ports/Port Authorities Summary: Alameda Corridor Transportation Authority, California; Ports/Port Authorities Primary Credit Analyst: Todd R Spence, Dallas (1) 214-871-1424; todd.spence@standardandpoors.com Secondary Contact:

More information

Lubbock, Texas; Retail Electric

Lubbock, Texas; Retail Electric Summary: Lubbock, Texas; Retail Electric Primary Credit Analyst: Scott W Sagen, New York (1) 212-438-0272; scott.sagen@spglobal.com Secondary Contact: Theodore A Chapman, Dallas (1) 214-871-1401; theodore.chapman@spglobal.com

More information

Belgian Export Credit Agency Credendo ECA Ratings Affirmed At 'AA/A-1+'; Outlook Stable

Belgian Export Credit Agency Credendo ECA Ratings Affirmed At 'AA/A-1+'; Outlook Stable Research Update: Belgian Export Credit Agency Credendo ECA Ratings Affirmed At 'AA/A-1+'; Outlook Stable Primary Credit Analyst: Marie-France Raynaud, Paris (33) 1-4420-6754; marie-france.raynaud@spglobal.com

More information