Fitch Lowers Lutheran Social Services After Texas Budget Cuts

Albanese, Elizabeth
August 2003
Bond Buyer;8/29/2003, Vol. 345 Issue 31709, p3
Trade Publication
Reports that Dallas, Texas-based securities rating agency, Fitch Ratings, on August 28, 2003 downgraded 12 million dollars of bonds issued on behalf of Lutheran Social Services of the South (LSSS), four notches to B-minus from BB after the agency's already-tenuous bottom-line was hit to the tune of one million dollars by state budget cuts in Texas. Rating outlook for the Austin, Texas-based agency; Mission statement of the LSSS; Revenue bonds affected by the downgrade; Revenue bonds outstanding from the agency; Final maturities and interest rates of the bonds; Courses of action open to the LSSS.


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