Rural/Metro, an emergency service provider, which works in Pima, Maricopa, and Yuma counties, is facing financial trouble.
The company’s board and management team elected not to pay the interest due on an unsecured bond last week.
Moody’s Investors Service, also downgraded the company’s credit rating to junk status and gave it a negative outlook in May.
In a written statement, Rural/Metro acknowledged it purposefully skipped the bond payment.
The company said it’s taking "action to align its operations and capital structure," but refused to elaborate on what led to skipping the payment.
The Pima County Office of Emergency Management and Homeland Security declined to comment on what this could mean for public safety.