Standard & Poor's Ratings Services said it lowered its rating to BBB from A-minus on Everett Public Facilities District, Wash.'s series 2007A and 2007B limited sales tax and interlocal revenue bonds.
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The outlook is stable.
"The lowered rating is based on our view of the district's continuing decreases in maximum annual debt service coverage due to an anemic recovery after the economic recession coupled with rising debt service costs," said Standard & Poor's credit analyst Jen Hansen.
The rating reflects: very slight increases in revenues coupled with more rapidly increasing debt service, the relatively limited operating history of the Everett Events Center, and a volatile local sales tax base.
