TITLE

Memphis Sports Authority's Rating Cut to A1 by Moody's

AUTHOR(S)
DeSue, Tedra
PUB. DATE
March 2006
SOURCE
Bond Buyer;3/14/2006, Vol. 355 Issue 32338, p31
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Moody's Investors Service has downgraded the Memphis and Shelby County Sports authority to A1 from Aa3 due to continuing financial challenges for the city. Sufficient funds is needed to replenish draws on the authority's debt service reserve fund to avoid defaults. The bonds of the authority are secured by pledge revenue from six separate revenue streams.
ACCESSION #
20282067

 

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