S&P may cut Jefferson County C ratings

July 24 Wed Jul 24, 2013 10:46am EDT

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July 24 (Reuters) - Standard & Poor's Ratings Services said late on Tuesday it may cut the C rating on various issuers' series 2000 limited-tax general obligation school warrants and series 2006 lease revenue warrants issued for Jefferson County, Alabama.

The decision reflects several attempts by S&P to obtain timely information of satisfactory quality to maintain the ratings.

The agency issued a stern warning along with asking for the information from the financially beleaguered county: it will suspend rating the debt if it does not receive the information by Aug. 5. It also said it might use whatever information is available to change the ratings before that time.

The rating agency also withdrew its rating on the county's 2003A general obligation capital improvement and refunding warrants and series 2004A GO capital improvement warrants. It had rated the debt D, after the county failed to make its principal payment on the warrants that was due on April 1, 2012.

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