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IN BRIEF

S&P May Cut Cadiz Unit's Credit Rating

October 12, 2002|Michael Hiltzik

AGRICULTURE

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Standard & Poor's said it was placing the secured debt for the Cadiz subsidiary Sun World International, an agricultural company, on credit watch with "negative implications." The rating covers $115 million in notes secured by Sun World landholdings and other property.

The announcement comes in the wake of the Metropolitan Water District's cancellation of its joint $150-million water storage project with Cadiz Inc. The credit-rating firm said that although Sun World has sufficient resources to make a $7-million interest payment due Oct. 15, the unit faces "near-term refinancing risk" because a one-year revolving loan matures next month.

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