S&P: Buckeye Union School District, CA Various Debt Ratings Placed On CreditWatch Negative Due To Missed Payment
OREANDA-NEWS. S&P Global Ratings placed the following ratings on Buckeye Union School District, Calif.'s debt on CreditWatch with negative implications: 'AA-' long-term rating and underlying rating on the district's general obligation (GO) debt; and 'A+' long-term rating and underlying rating on the district's appropriation debt. "The CreditWatch placement reflects our view of the district's missed interest rate payment on Aug. 1, 2016 for its series 2014 GO refunding bonds, due to what we understand to be an administrative error," said S&P Global Ratings credit analyst Alyssa Farrell. "If we discover that the district's management practices have significantly weakened or if there has been a decline in internal controls, flexibility, or liquidity that contributed to the interest payment delinquency, we could take a negative rating action," Ms. Farrell added.