Marysville, CA COP Rating Placed On CreditWatch Developing On Audit Discrepancies, Auditor#s #Going Concern# Opinion

Stocks and Financial Services Press Releases Wednesday October 11, 2017 08:48
SAN FRANCISCO--11 Oct--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Oct. 10, 2017--S&P Global Ratings placed its 'BBB+' long-term rating on the City of Marysville, Calif.'s previously rated certificates of participation (COPs) on CreditWatch with developing implications.

"While conducting surveillance on the rating, we observed what appear to be inconsistencies in the information reported in the city's 2016 audited financial statements," said S&P Global Ratings credit analyst Benjamin Geare. "We also note that the auditor included a 'going concern' opinion related to the city's pension liability. We will be discussing both the discrepancies and the 'going concern' with the city's management and auditor."

Prior to this action, in September 2016, we assigned a positive outlook to Marysville's COP rating as a result of our view of an improved economic base as well as the city's new ongoing source of revenue that would help the city to maintain structural balance. For more information, please see our report published Sept. 30, 2016, on RatingsDirect. In our opinion, if we can resolve our questions regarding the discrepancies and "going concern" opinion in the city's audit and confirm that Marysville has been able to maintain balanced operating results and rebuild its fund balance, we may consider a higher rating.

However, after evaluating the audit discrepancies and other relevant information, if we determine that we are unable to obtain timely information of satisfactory quality to maintain our rating on the securities in accordance with our applicable criteria and policies, we may lower our rating, or withdraw our rating, or both. This would occur during the 90 days of the CreditWatch horizon, although it is possible that the CreditWatch status could be resolved sooner.

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 and 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.

Latest Press Release

Ratings Assigned To Cash Flow CLO Transaction GLG Euro CLO IV

LONDON (S&P Global Ratings) March 21, 2018--S&P Global Ratings today assigned credit ratings to GLG Euro CLO IV DAC's class A-1, A-2, B-1, B-2, C, D, E, and F notes. At closing, the issuer will issue unrated subordinated notes (see list...

ETSA Utilities Finance Pty Ltd. Ratings Affirmed At #A-#; Outlook Stable

MELBOURNE (S&P Global Ratings) March 21, 2018--S&P Global Ratings said today that it had affirmed its 'A-' long-term issuer credit rating on ETSA Utilities Pty Ltd. and issue rating on the company's senior unsecured debt. The outlook on the...

mai welcomes NPA management and debt collector Chayo Group on March 22

Market for Alternative Investment (mai) will list Chayo Group pcl, a debt collection and non-performing asset (NPA) management service provider, on March 22, under the ticker symbol "CHAYO". The company has a market capitalization at its initial public...

TRIS Rating Affirms Company Rating of SAMART at BBB+ and Revises Outlook to Negative from Stable

TRIS Rating affirms the company rating of Samart Corporation PLC (SAMART) at "BBB+". At the same time, TRIS Rating revises the rating outlook of SAMART to "negative" from "stable". The "negative" outlook reflects a weaker equity base and the risk that a...

Krungsri Autos 2017 Loan Outstanding Surpasses 322 Billion Baht Aiming to Drive Customer Engagement with Digital Innovation Throughout 2018

Mr. Pairote Cheunkrut (Center), Head of Krungsri Auto Group, Bank of Ayudhya PCL, together with Krungsri Auto executives announced strong 2017 performance with loan outstanding consistently growing and unveiled 2018 strategy to enhance customer...

Related Topics