Caddo County, OK #BBB+# Rating Placed On CreditWatch Negative On Failure To Provide Audited Statements

Stocks and Financial Services Press Releases Thursday April 12, 2018 10:02
CENTENNIAL--12 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 11, 2018--S&P Global Ratings has placed its 'BBB+' long-term rating on Caddo County Government Building Authority, Okla.'s series 2010A sales tax revenue bonds, issued for Caddo County, on CreditWatch with negative implications due to the county's failure to provide audited financial statements for fiscal 2016. ฃ

We believe the lack of the county's fiscal 2016 audit presents uncertainties regarding the level of debt service coverage provided by pledged revenues. Sales tax collections observed in prior years indicate a declining trend in pledged revenue. Based on data sourced from the Government Building Authority's fiscal 2017 audit, we believe there could be continued depletion of pledged revenue which could lead to inadequate annual debt service coverage. Pursuant to the sales tax agreement, rent income received by the authority from the county represents approximately one half of pledged revenue. In fiscal 2017, the authority received $710,962 in rent income from county sales tax, which we estimate provides 1.14x annual debt service coverage and only 0.5x maximum annual debt service coverage. However, a repeat finding noted within the Internal Control Report of the county's audit, most recently for fiscal 2015, indicates the county has not properly apportioned and appropriated the three-fourth percent county sales tax in accordance with the sales tax ballot.

Failure to receive the requested information within 30 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. 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.


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