Standard & Poor’s has placed its rating for $29.3 million of power revenue bonds issued by Independence County in 2004 on negative watch after flooding from heavy rains resulted in minor damage to generating equipment and stopped work on an expansion project.

The bonds, which are insured by ACA Financial Guaranty Corp., were originally given an underlying rating of BB-plus but were downgraded to BB-minus in early March. ACA has been downgraded recently to CCC by Standard & Poor’s.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.