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Article: Fitch Downgrades Yavapai Co., AZ IDA Excise Tax Bonds to 'D'.
- Article from:
- Insurance Weekly News
- Article date:
- November 13, 2009
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Fitch Ratings has downgraded to 'D' from 'B' the rating on the $35 million convention center facilities excise tax revenue bonds, series 2005 (taxable) of the Industrial Development Authority (IDA) of the County of Yavapai, Arizona. Fitch originally assigned an 'A-' rating to the bonds on Nov. 1, 2005, and subsequently downgraded the bonds to 'B' on May 30, 2008. Bond proceeds were used to construct a 5,000-seat convention and events center in Prescott Valley.
The 'D' rating indicates failure to make payment of principal and/or interest under the contractual terms of the rated obligation. Fitch will maintain this rating for 30 days, at which time Fitch may ...