Stetson Ridge Metropolitan District No. 2, CO 'A-' GO Debt Rating Outlook Revised To Negative On Weakened Finances
NEW YORK (Standard & Poor's) May 30, 2014--Standard & Poor's Ratings Services revised the outlook on its 'A-' underlying rating (SPUR) on Stetson Ridge Metropolitan District No. 2, Colo.'s general obligation (GO) bonds to negative from stable. The outlook revision reflects Standard & Poor's opinion of the district's recent expenditure fluctuations, contributing to its use of general fund reserves and reduced overall financial flexibility. "If available reserves were to continue to deteriorate, further reducing financial flexibility, we could lower the rating over the one-year outlook period," said Standard & Poor's credit analyst Daniel Zuccarello. "If financial trends were to improve, supported by more consistent financial operations and additional reserves, however, we could revise the outlook to stable." At the same time, Standard & Poor's affirmed its 'A-' SPUR on the district's GO debt. The district's limited ad valorem property tax pledge secures the bonds. Any other legally available funds of the district, credited to the bond fund, and the reserve fund provide additional bond security. RELATED CRITERIA AND RESEARCH Related Criteria USPF Criteria: Methodology And Assumptions: Rating Unlimited Property Tax Basic Infrastructure Districts, March 17, 2009
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Primary Credit Analyst: | Daniel J Zuccarello, New York (1) 212-438-7414; daniel.zuccarello@standardandpoors.com |
Secondary Contact: | Lisa R Schroeer, Charlottesville (1) 434-220-0892; lisa.schroeer@standardandpoors.com |
Research Contributor: | Anand Deshpande, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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