Standard & Poor's Ratings Services said it lowered its underlying rating to D from CC on Parkway East Public Improvement District, Miss.' series 2005 special assessment bonds, issued by Madison County.
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"The D rating reflects our view that a shortfall of pledged revenues, combined with the county's lack of willingness to replenish the debt service reserve, led the bond trustee to make a claim made on May 1, 2015, on the bond's insurance policy in order to make the full principal payment due on the series 2005 bonds," said Standard & Poor's credit analyst Kate Choban.
