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.


Latest Press Release

มหกรรม Western China International Fair (WCIF) เผยเสน่ห์แห่งจีนตะวันตก

มหกรรม Western China International Fair (WCIF) ครั้งที่ 17 จัดขึ้นภายใต้ธีม "New Era in China, New Action of the Western China" เมื่อวันที่ 20-24 กันยายนที่ผ่านมา ที่เมืองเฉิงตู มณฑลเสฉวน ณ ศูนย์การประชุมและนิทรรศการ International Exhibition Center of...

EXIM Thailand Finances Bangkok Airways Acquisition of Aircraft to Serve Route Expansion and Economic Growth in Asia

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Puttipong Prasarttong-Osoth, President of Bangkok Airways Public Company Limited, signed a financial facility agreement at Bangkok Airways' Head Office on...

KTC boosts KTC PROUD members for the rest of the year by launching Bt. 199 Promotion campaign to ease new member financial burdens.

Ms. Phichamon Jitpentham, Vice President - Personal Loans, "KTC" or Krungthai Card Public Company Limited,organizes special "Bt. 199 Promotion" campaign for customers with financial obligations who wish to register for "KTC PROUD" Revolving Loan cards....

Digital Oasis# Cutting-Edge Audio Voice AI Systems to be showcased during the HKTDC Hong Kong Electronics Fair from October 13-16, 2018

The first smart homes purely existed as ideas, not physical structures. The world of science fiction has provided a glimpse into the endless possibilities that these homes could bring for decades, with futuristic inventions designed to provide homeowners...

Photo Release: SCB collaborates with NSTDA and FabLab to support innovations for an aging society, offering up to 20 million baht credit lines and research funding of 400,000 baht per project

Siam Commercial Bank (SCB) has joined forces with the National Science and Technology Development Agency (NSTDA) and Chassis Plus Infill Co., Ltd. (Fab Lab), a leading partner in science, technology, and innovation, to sign an MOU supporting SMEs that...

Related Topics