DALLAS — Standard & Poor’s on Tuesday lowered $35.8 million of outstanding Texas Midwest Public Facility Corp.’s 2009 revenue bonds to D from CC after the issuer defaulted on debt service for its vacant private jail in Jones County.

“The trustee notified bondholders that the corporation defaulted on the bonds on Oct. 1, 2011, when it did not make its required $2.23 million interest and principal payment,” said S&P analyst Sarah Smaardyk. “We understand that the jail facility remains vacant and that no revenues from the substance-abuse felony punishment facilities and intermediate sanction facilities were received prior to the payment due date.”

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