S&P revises Evansville, Indiana, rating outlook to negative

Sept 17 Tue Sep 17, 2013 12:51pm EDT

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Sept 17 (Reuters) - Standard & Poor's Ratings Services on Tuesday revised Evansville, Indiana's waterworks revenue bond rating outlook to negative from stable.

The revision reflects the utility's declining financial position, which resulted in inadequate coverage in fiscal 2012 after adequate coverage in fiscal 2011, the ratings agency said in a statement.

S&P also rated the utility's series 2013A waterworks revenue bonds AA-minus with a negative outlook.

The ratings agency said it could revise the outlook back to stable if the utility is able to improve and maintain debt service coverage to levels in line with a stable outlook.

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