Bangkok--9 Aug--Standard & Poor's
On Aug. 5, 2011, Standard & Poor's Ratings Services lowered its rating on the sovereign debt of the United States of America to 'AA+' from 'AAA'. As a result, Standard & Poor's today is lowering its rating on several defeased industrial revenue bonds (IRBs) to 'AA+' from 'AAA' because these bonds rely on investments in U.S. Treasury or agency securities for debt repayment (see ratings list below). The issue-level ratings are removed from CreditWatch where they were placed with negative implications on July 22, 2011.
RATINGS LIST
Downgraded; Removed from CreditWatch
To From
Delta County Economic Development Corp.
$93.5 mil envir imp rfdg rev bnds AA+ AAA/Watch Neg
(MeadWestvaco Escanaba Paper Co. Proj)
ser 2002 A due 2027
$6.7 mil envir imp rfdg rev bnds AA+ AAA/Watch Neg
(MeadWestvaco Escanaba Paper Co.Proj) ser 2002 B due 2023
Cornell Township Economic Development Corp.
$25.09 mil envir imp rfdg rev bnds AA+ AAA/Watch Neg
(MeadWestvaco Escanaba Paper Co.Proj) ser 2002 due 2018
Camden Industrial Development Board
$30 mil exempt fac rev bnds
unsecd IRB ser 2003A due 2024 AA+ AAA/Watch Neg
$12.5 mil exempt fac rev bnds
unsecd IRB ser 2003B due 2024 AA+ AAA/Watch Neg
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Mimi Barker, New York (1) 212.438.5054,
[email protected]
Analyst Contacts:
Pamela Rice, New York (1) 212-438-7939
Tobias Crabtree, CFA, New York (1) 212-438-6503