Compark Business Campus Metropolitan District, CO Series 2017 GO Refunding Bonds Assigned #BB+# Rating

Stocks and Financial Services Press Releases Thursday October 5, 2017 09:14
CENTENNIAL--5 Oct--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Oct. 4, 2017--S&P Global Ratings assigned its 'BB+' long-term rating to Compark Business Campus Metropolitan District, Colo.'s series 2017 general obligation (GO) refunding bonds. The outlook is stable.

Bond proceeds will be used to refund the district's outstanding series 2007 bonds and extend the final maturity to 2051 from 2034.

"The GO rating reflects our view of the district's concentrated and primarily commercial tax base, growing status of development, and high overall debt burden with a slow amortization schedule," said S&P Global Ratings credit analyst Kaila Spalinger.

The stable outlook reflects our view of the district's adequate available reserves and coverage levels and lack of additional debt plans. Precluding the district from an investment-grade rating is our view of the district's concentrated tax base and growing status of development. We do not anticipate changing the rating during the two-year outlook horizon.

We could lower the rating should tax base growth begin to taper, resulting in declines or stagnation in assessed values, or if the district were to issue additional debt, increasing its already high debt burden.

Should the district's tax base diversify substantially, or if the district's debt burden were to decrease to levels comparable with those of higher-rated peers, we could consider raising the rating.

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.globalcreditportal.com and at www.spcapitaliq.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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