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Annapolis, Maryland; General Obligation
Standard & Poors, June 2009
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to the city of Annapolis, Md.'s series 2009 general obligation (GO) public improvement bonds, and, at the same time, affirmed its 'AA' long-term rating on the city's previously-issued GO parity bonds. In our opinion, the ratings reflect: A local economic base anchored by the state and federal government and maritime-related tourism, with proximity to, and participation in, both the Baltimore and Washington, D.C. metropolitan areas; A growing and very diverse tax base, with no taxpayer concentration; Strong financial performance and position, despite recent reductions in reserves to fund various capital improvement projects (CIPs); and A low debt burden with sizable, yet manageable future capital needs. The bonds are general obligations
Article Type:FULL
Companies mentioned in this report are: Annapolis
Action: New Rating
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