Littlefield gets bad credit rating, Bill Clayton remains empty - KCBD NewsChannel 11 Lubbock

4/18/10

Littlefield gets bad credit rating, Bill Clayton remains empty

By James Clark | email

LUBBOCK, TX (KCBD) – Littlefield city hall gets a bad credit rating from Fitch.  Fitch evaluated Littlefield's 1997 bonds with $1.2 million of debt still to paid.  It says the city did make its February 2010 payment on time and is likely to make the upcoming August payment.  However, Fitch warns investors that Littlefield needs a financial solution to the city's debt service soon.

Fitch grades Littlefield as a "BB" with a negative outlook.  The majority of Littlefield's debt is for a city-owned detention center, which had been self-supporting. But, out-of-state prisoners left the facility in 2009, and with them so did the revenue.  Despite the city's efforts, the Bill Clayton Detention Center remains vacant. 

The 1997 bonds are only a portion of the city's debt.

Copyright 2010 KCBD. All rights reserved.

  • Local News on KCBD.comNewsMore>>

  • To many Americans, Memorial Day has lost its meaning

    To many Americans, Memorial Day has lost its meaning

    Sunday, May 28 2017 6:28 PM EDT2017-05-28 22:28:00 GMT
    Sunday, May 28 2017 6:28 PM EDT2017-05-28 22:28:00 GMT

    While millions of Americans celebrate the long Memorial Day weekend as the unofficial start of summer, some veterans and loved ones of fallen military members wish the holiday would command more respect.

    While millions of Americans celebrate the long Memorial Day weekend as the unofficial start of summer, some veterans and loved ones of fallen military members wish the holiday would command more respect.

  • Sato holds off Helio to give Andretti another Indy 500 win

    Sato holds off Helio to give Andretti another Indy 500 win

    Sunday, May 28 2017 6:26 PM EDT2017-05-28 22:26:55 GMT
    Sunday, May 28 2017 6:26 PM EDT2017-05-28 22:26:55 GMT

    Takuma Sato gave Andretti Autosport a 2nd consecutive victory in the Indianapolis 500 by holding off Helio Castroneves in the closing laps.

    Takuma Sato gave Andretti Autosport a 2nd consecutive victory in the Indianapolis 500 by holding off Helio Castroneves in the closing laps.

  • Trump eyes White House overhaul, outside lawyers and PR team

    Trump eyes White House overhaul, outside lawyers and PR team

    Sunday, May 28 2017 6:26 PM EDT2017-05-28 22:26:14 GMT
    Sunday, May 28 2017 6:26 PM EDT2017-05-28 22:26:14 GMT

    Trump faces a slew of political and policy challenges at home and intensifying inquiries into allegations his campaign had contacts with Russian officials before he entered the White House.

    Trump faces a slew of political and policy challenges at home and intensifying inquiries into allegations his campaign had contacts with Russian officials before he entered the White House.

Powered by Frankly