Moody's modifies GWA bond debt outlook to 'negative' - KUAM.com-KUAM News: On Air. Online. On Demand.

Moody's modifies GWA bond debt outlook to 'negative'

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International bond ratings agency Moody's Investors Services has changed the outlook from stable to negative on GWA's outstanding $500 million in bond debt.  In a news release, Moody's announced that the change is triggered by "the deterioration of the government's financial and liquidity position."

Moody's notes that "although GWA revenues are separate and distinct from the General Fund revenues, further deterioration on the part of the government could pressure the authority's finances." 

Last week ratings agency Standard & Poor's placed a credit watch on some $187-million dollars in general obligation bond debt.  S&P cited similar concerns about GovGuam's financial crisis.

Adelup issued a statement saying downgrades are possible if nothing is done to resolve a $67-million dollar revenue shortfall created by the Trump tax reforms.

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