Calif. Road Agency Gets Junk Rating

Finestone, Deborah
May 2003
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p1
Trade Publication
Standard & Poor's Corp. has lowered its rating on about $1.8 billion in debt issued by the San Joaquin Hills Transportation Corridor Agency in California to BB from BBB-minus. Analysts blamed the reduction to junk status on weaker-than-anticipated traffic and revenue for the Orange County toll road operated by the agency. The agency issued the original bonds in 1993 to finance the 15-mile San Joaquin Hills Toll Road, which connects Newport Beach and San Juan Capistrano. In fiscal 1999, three years after the road opened, the toll road was performing at 83.7% of projections for revenue and 87.7% of projections for traffic, according to Standard & Poor's.


Related Articles

  • S&P Upgrades Conroe, Tex. Debt 2 Notches to AA-minus.  // Bond Buyer;8/25/2008, Vol. 365 Issue 32947, p2 

    The article reports on a rating assigned by Standard & Poor's Corp. on Conroe, Texas' water and sewer system revenue debt. The rating agency upgraded the city's debt two notches to AA-minus from A based on the system's good financial performance, as evidenced by strong liquidity and debt service...

  • Positively Albany. Whalen, Robert // Bond Buyer;5/8/2006, Vol. 356 Issue 32376, p37 

    This article reports that credit rating agency Standard & Poor's raised its credit outlook on the Albany city government of N.Y. from positive to stable. The improvement is attributed to the city's economic development and public investment. Albany will sell taxable and tax-exempt general...

  • Michigan's GO Outlook Negative. Carvlin, Elizabeth // Bond Buyer;8/11/2006, Vol. 358 Issue 32443, p1 

    The article reports on the economic forecast by Standard & Poor's Corp. on the outstanding general obligation debt of Michigan. For the week ended August 11, 2006, the credit rating agency changed its outlook on the state's debt to negative from stable, citing the repeal of the single business...

  • Sarasota, Fla., GOs Raised to AA by S&P.  // Bond Buyer;10/7/2005, Vol. 354 Issue 32234, p2 

    Reports that Standard & Poor's Corp. has raised its credit rating for the outstanding general obligation debt of Sarasota, Florida. Factors contributing to the upgrade of the city's general obligation debt; Influence of the city's income levels on credit strengths.

  • S&P Drops CGH Bonds. Carvlin, Elizabeth // Bond Buyer;9/6/2006, Vol. 357 Issue 32460, p27 

    The article reports on the change of rating given by the Standard & Poor's Corp. to the bonds of $ 11.4 million Series 2003 that was issued by the Illinois Development Finance Authority in behalf of the CGH Medical Center from A-minus to BBB-plus. It was reported that the change in rating was...

  • MISSOURI: S&P Drops Centenary to D. Shields, Yvette // Bond Buyer;4/11/2007, Vol. 360 Issue 32605, p9 

    The article reports that Standard & Poor's has downgraded its ratings on St. Louis Industrial Development Authority's $2.1 million of debt in Missouri, for the struggling Centenary Towers Apartments Project to D following the project's default on debt service . The downgrade reflects the...

  • Buffalo, Minn., GOs Raised to A-Pius S&P.  // Bond Buyer;6/7/2005, Vol. 352 Issue 32148, p2 

    This article informs that the Standard & Poor's Corp. Ratings Services has raised its rating on the city of Buffalo, Minnesota's outstanding general obligation debt to A-plus from A. The outlook is stable. "The rating reflects the city's high value economic development, with strong growth in...

  • S&P predicts more upgrades in 1999. McEntee, Christopher // Bond Buyer;01/04/99, Vol. 327 Issue 30550, p2 

    Reports that Standard & Poor's is expecting a favorable year for credit quality in the United States in 1999. Prediction of higher number of credit rating upgrades for municipal debts.

  • Pocahontas Tollway Lowered to Junk. Vadum, Matthew // Bond Buyer;12/24/2002, Vol. 342 Issue 31539, p4 

    Reports that U.S.-based ratings agency Standard & Poor's Corp. lowered its ratings for the Pocahontas Parkway toll road located outside Richmond, Virginia as of December 2002. Reasons for the lowering of ratings; Ratings issued to the road; Bonds to which the ratings apply.


Read the Article


Sign out of this library

Other Topics