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Summary: North Bend, Washington; General Obligation Jun 10
Standard & Poors, June 2010
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard & Poor's Ratings Services assigned its 'AA-' rating and stable outlook to North Bend, Wash.'s series 2010 general obligation (GO) bonds. The rating reflects our view of the city's: Economic base in the Seattle region, with very strong to extremely strong income and wealth indicators; Good financial policies and practices, including a minimum general fund policy and quarterly reporting on financial performance to the city council; and Maintenance of very strong available general fund positions on a cash balance of accounting. Constraining credit quality in our view is a trend of a declining general fund position, although it still exceeds the city's policy minimum. The city's full faith and credit, including the obligation to levy ad valorem property taxes...
Companies mentioned in this report are: North Bend
Action: New Rating
Action: Outlook: Stable