Standard & Poor's Ratings Services said it revised its outlook to negative from stable and affirmed its BBB-plus ratings on Bridgeview, Ill.'s outstanding general obligation bonds.
At the same time, it assigned its BBB-plus long-term rating to the village's series 2014C GO senior lien revenue refunding bonds.
"The negative outlook reflects our expectation that additional debt restructurings will be necessary, and without them, the village's financial position would significantly weaken," said Standard & Poor's credit analyst Blake Yocom.
The village's liquidity remains weak, and coupled with weak management conditions due to high fixed costs as a result of the village constructing and financing an underperforming stadium.
The restructurings will result in a very slow debt amortization and a weakening tax base has resulted in a very high overall debt burden as a percentage of market value.
