Caddo County Government Building Authority, OK #BBB+# Bond Rating Withdrawn On Lack Of Timely Information

Stocks and Financial Services Press Releases Wednesday May 16, 2018 10:23
CENTENNIAL--16 May--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) May 15, 2018--S&P Global Ratings has withdrawn its 'BBB+' long-term rating on Caddo County Government Building Authority, Okla.'s series 2010A sales tax revenue bonds, issued for Caddo County, due to the county's failure to provide audited financial statements for fiscal 2016.

This action follows repeated attempts by us to obtain timely information of satisfactory quality to maintain our rating on the securities in accordance with our applicable criteria and policies. Without the county's fiscal 2016 audit report, we are unable to accurately assess the adequacy of debt service coverage for the bonds.

We have observed a downward trend in pledged revenue based on prior years' sales tax collections, and data sourced from the Government Building Authority's fiscal 2017 audit indicates further possible decline in pledged revenue. However, we believe we are unable to derive pledged sales tax collections based solely on information provided in the Government Building Authority's audit due to a repeat finding noted within the Internal Control Report of the county's audit, most recently for fiscal 2015, which indicates the county has not properly apportioned and appropriated the three-fourth percent county sales tax in accordance with the sales tax ballot. Therefore, we do not have sufficient information to maintain the rating since we are unable to determine the level of debt service coverage without the county's fiscal 2016 audit.

The withdrawal of this rating was preceded, in accordance with our policies, by any change to the rating that we consider appropriate given available information.

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 S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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