Clarke County, AL #A# Debt Rating Placed On CreditWatch Negative On Delayed 2016 Audit

Stocks and Financial Services Press Releases Thursday March 8, 2018 11:36
CENTENNIAL--8 Mar--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) March 7, 2018--S&P Global Ratings placed its 'A' long-term rating on Clarke County, Ala.'s previously rated appropriation and general obligation (GO) debt on CreditWatch with negative implications.

"We placed the rating on Watch Negative because the county has not provided its 2016 audit," said S&P Global Ratings credit analyst Chase Ashworth, "and we believe that there is uncertainty regarding its economic metrics, including declining population and fluctuating economic income indicators, and their potential effects on the county's otherwise strong financial performance." We consider receipt of the county's 2016 audit necessary to maintain the rating.

"Failure to receive the requested information within 90 days will likely result in our withdrawal of the affected rating, preceded, in accordance with our policies, by any change to the rating that we consider appropriate given available information," added Mr. Ashworth. However, if we receive information that we consider sufficient and of satisfactory quality, we will conduct a full review and take a rating action within 90 days of the CreditWatch placement.

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 www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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