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Slaton, TX GO Bond And COP Ratings Placed On CreditWatch Negative On Very Weak Budgetary Performance

DALLAS (S&P Global Ratings) Dec. 6, 2018--S&P Global Ratings placed its 'A-' long-term rating on the City of Slaton, Texas' general obligation bonds and certificates of obligation outstanding on CreditWatch with negative implications. "We understand the city's budgetary performance has remained very weak despite expectations that near-term results would improve relative to fiscal 2016," said S&P Global Ratings credit analyst Amahad Brown. Slaton posted general fund operating deficits in audited fiscal 2017 and estimated 2018 results, which have further weakened the city's available reserve position, which was negative $687,000 as of fiscal 2017. In our view, the inability to align current revenues with current expenditures and improve reserve balances to positive levels could signal a structural imbalance, which has negative credit implications. Our view of potential credit deterioration also reflects management's inability…

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