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Roosevelt Fire District bond rating pulled

Moody’s has withdrawn its bond rating for the Roosevelt Fire District, saying it has insufficient information to support maintaining a Baa1 rating.

Last month, the district was downgraded from A1 to Baa1, the third-lowest of Moody’s investment-grade ratings, and placed on the watch list for possible downgrade. The withdrawal of the rating on Sunday reflects the deterioration of reserves in recent fiscal years, unresponsive management, and lack of information regarding the district’s future performance, Moody’s report said.

Moody’s said its rating withdrawal was done because the credit rating agency believes it is “unable to provide investors with an informed assessment of the current credit quality of this debt instrument.”

Moody's explained its decision was due to insufficient or otherwise inadequate information from the district.

Fire district secretary Clara Gillens-Eromosele said Tuesday she had no comment. She said she advised the fire commissioners and treasurer about the request for comment, but they did not respond to that request.

The fire district has a $2.03 million budget for 2012, a 6.28 percent increase over last year’s budget of $1.91 million.

 

Tags: Roosevelt , fire , district , bond , rating , withdrawn

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