Nogales Municipal Development Authority, Inc.


CUSIP 655275HV0
  • Issue Currency: United States of America Dollars
  • Announcement Date: 01-Nov-2018
  • News: S&P Global Ratings lowered its long-term rating to `AA-` from `AA` on Nogales Municipal Development Authority, Ariz.`s municipal facilities revenue bonds outstanding, issued on behalf of Nogales. At the same time, S&P Global Ratings assigned its `AA-` long-term rating to the authority`s series 2019 municipal facilities revenue refunding bonds. The outlook is negative. The lowered rating reflects the application of our ""Priority Lien"" criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenues, as well as the general credit quality of the municipality where taxes are distributed and/or collected (the obligor`s creditworthiness, or OC). The city`s budgetary performance and flexibility have remained stable in recent years, with operating reserves typically exceeding 60% of expenditures, offsetting fluctuations in the volatile operating revenue streams. However, we believe its relatively limited local economy, its weak debt and long-term liability profile, and the consistent negative operations in its sewer enterprise fund limit financial flexibility.
CUSIP 655275HW8
  • Issue Currency: United States of America Dollars
  • Announcement Date: 01-Nov-2018
  • News: S&P Global Ratings lowered its long-term rating to `AA-` from `AA` on Nogales Municipal Development Authority, Ariz.`s municipal facilities revenue bonds outstanding, issued on behalf of Nogales. At the same time, S&P Global Ratings assigned its `AA-` long-term rating to the authority`s series 2019 municipal facilities revenue refunding bonds. The outlook is negative. The lowered rating reflects the application of our ""Priority Lien"" criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenues, as well as the general credit quality of the municipality where taxes are distributed and/or collected (the obligor`s creditworthiness, or OC). The city`s budgetary performance and flexibility have remained stable in recent years, with operating reserves typically exceeding 60% of expenditures, offsetting fluctuations in the volatile operating revenue streams. However, we believe its relatively limited local economy, its weak debt and long-term liability profile, and the consistent negative operations in its sewer enterprise fund limit financial flexibility.
CUSIP 655275HX6
  • Issue Currency: United States of America Dollars
  • Announcement Date: 06-Nov-2018
  • News: S&P Global Ratings lowered its long-term rating to `AA-` from `AA` on Nogales Municipal Development Authority, Ariz.`s municipal facilities revenue bonds outstanding, issued on behalf of Nogales. At the same time, S&P Global Ratings assigned its `AA-` long-term rating to the authority`s series 2019 municipal facilities revenue refunding bonds. The outlook is negative. The lowered rating reflects the application of our ""Priority Lien"" criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenues, as well as the general credit quality of the municipality where taxes are distributed and/or collected (the obligor`s creditworthiness, or OC). The city`s budgetary performance and flexibility have remained stable in recent years, with operating reserves typically exceeding 60% of expenditures, offsetting fluctuations in the volatile operating revenue streams. However, we believe its relatively limited local economy, its weak debt and long-term liability profile, and the consistent negative operations in its sewer enterprise fund limit financial flexibility



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