CUSIP 792434AP7

  • ISIN: US792434AP74
  • Entity Name: St. Mary Parish Water and Sewer Commission No. 4
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Downgrade
  • News: S&P Global Ratings lowered its rating two notches to `BBB` from `A-` on the St. Mary Parish Water and Sewer Commission No. 4, La.`s general obligation (GO) debt. The outlook is negative. The downgrade and negative outlook reflect recent audit findings at the Town of Baldwin, which is not paying the commission the full amount billed for water services. Another factor involves the district`s declining assessed values (AVs) over the past three years and the commission`s shrinking cash on hand, which has significantly deteriorated since 2014 to $70,764, or approximately 11 days of cash on hand. The commission recognized additional revenue from Baldwin in fiscal 2017, which helped increase its net position to a level we consider very strong (17.4% of expenditures from negative 3.5% in the previous year). However, we place more emphasis on the commission`s low cash position in our rating and believe that Baldwin`s continued financial difficulties are cause for concern, given the uncertain timing of repayments for water services.
  • Description: *****
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