June 11, 2014
Fitch Downgrades Rio Nuevo Bond Ratings Consistent with the City of Tucson
The Fitch Rating Service today announced it is reducing the A Rating for Rio Nuevo bonds to BBB. The review cited the ongoing concerns with the City of Tucson financial stability, the bond guarantor, and the inability for the District to analyze and audit the tax district due to State regulations. The ratings agency acknowledged that the District is working with the State on a new Intergovernmental Agreement that would allow the Rio Nuevo board access to taxpayer data, but without the agreement finalized Fitch moved forward with the downgrade.