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Bethlehem, Pennsylvania; Tax Secured, General Obligation
Standard & Poors, Feb 2002
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.
Research Type: Full Analysis
Abstract
The outlook change on Bethlehem, Pa.'s outstanding GO debt to stable from positive reflects slower-than-anticipated redevelopment of Bethlehem Steel Corp.'s infrastructure, impeding projected growth in the city's tax and employment bases. The 'A-' rating on the city's GO bonds series 2002 reflects: A manufacturing-based economy that has shown some resiliency from the gradual closing of Bethlehem Steel Corp.'s manufacturing operations; Economic development that has stabilized the employment and tax bases; A debt burden that remains moderate at nearly 5% of true valuation; and A slight decline in financial position, with an audited fiscal 2000 drawdown of the fund balance accounting for a low 2.1% of expenditures on a total basis. The bonds are secured by the full faith and credit...
Companies mentioned in this report are: Bethlehem
Action: New Rating
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