San Luis Facility Development Corp., AZ Refunding Revenue Bond Rating Raised To #CCC# From #D# On Security Provisions

Stocks and Financial Services Press Releases Wednesday October 25, 2017 09:14
SAN FRANCISCO--25 Oct--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Oct. 24, 2017--S&P Global Ratings raised its long-term rating to 'CCC' from 'D' on the San Luis Facility Development Corp., Ariz.'s senior-lien taxable refunding revenue bonds. The outlook is negative.

"The rating action reflects our view of the corporation's modified bond security provisions incorporated in the forbearance agreement, which was approved by bondholders and through a court-approved restructuring that included subordination of principal behind interest, reimbursable expenses, and operating expenses," said S&P Global Ratings credit analyst Jenny Poree.

The negative outlook reflects our view that cash flow will likely be insufficient to fund the past missed principal set-aside payments (reportedly a minimum of $693,203) as well as the required set aside payments from now until May of 2018.

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.

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