Johnson County Fire District No. 1,KS Negative Unreserved Fund Balance, Weak Liquidity Cut GO Rating Two Notches To 'A-'

Stocks and Financial Services Press Releases Thursday June 27, 2013 08:52
DALLAS--27 Jun--Standard & Poor's

DALLAS (Standard & Poor's) June 26, 2013--Standard & Poor's Ratings Services lowered its rating on Johnson County Fire District No. 1, Kan.'s series 2010 general obligation bonds two notches to 'A-' from 'A+'. The outlook is stable.

The rating action reflects Standard & Poor's opinion of the district's negative unreserved general fund balance and weak liquidity and expectation that management will likely not restore general fund balance to positive levels until fiscal year-end Dec. 31, 2013.

"We believe additional revenue received under the new contract with Gardner and recovering property tax revenue will allow the district to build year-end general fund balance gradually without using cash flow borrowing," said Standard & Poor's credit analyst Omar Tabani. "While we do not expect it to occur within the outlook's two-year period, we could revise the outlook to negative or lower the rating if audited results for fiscal years 2012 and 2013 were to come up short of projected improvements. Conversely, we could eventually raise the rating if the district were to restore and maintain a multiyear trend of positive fund balances."

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