Wed Nov 6, 2013 10:59am EST
Nov 6 (Reuters) - Standard & Poor's Ratings Services on Wednesday assigned preliminary BBB and BBB-minus ratings to a $1.74 billion sewer warrants debt offering by Alabama's bankrupt Jefferson County expected this month. The offering, which is meant to replace $3.1 billion of defaulted sewer debt, is central to Jefferson County's negotiated plan to end what is the nation's second-largest municipal bankruptcy after Detroit.
S&P said in a news release it had given a preliminary underlying BBB rating to Jefferson County's proposed series 2013-A senior-lien sewer revenue current interest warrants, series 2013-B senior-lien sewer revenue capital appreciation warrants, and its series 2013-C senior-lien sewer revenue convertible capital appreciation warrants.
The $500 million of senior lien bonds will be insured by Assured Guaranty Municipal Corp, which S&P rates AA-minus, according to the preliminary official statement for the deal expected to be priced through Citigroup the week of Nov. 18.
S&P also assigned a preliminary BBB-minus rating to the county's proposed series 2013-D, 2013-E, and 2013-F subordinate-lien sewer revenue warrants.
S&P said the preliminary ratings were dependent on the county's "timely emergence" from Chapter 9 bankruptcy. A federal judge is scheduled to review the county's exit agreement on Nov. 20.
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