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S&P cuts Village of Sparta, Mich. revenue bonds to BBB-plus
August 29, 2013 / 7:51 PM / 4 years ago

S&P cuts Village of Sparta, Mich. revenue bonds to BBB-plus

Aug 29 (Reuters) - Standard & Poor’s Ratings Services on Thursday said it cut the Village of Sparta, Michigan’s water supply system revenue bonds to BBB-plus from A-minus with a stable outlook.

“The downgrade is based on what we view as insufficient debt-service coverage given that the water system is not generating sufficient net revenues to meet the 120 percent rate covenant on its revenue bonds,” said S&P credit analyst Scott Garrigan.

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