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Bethlehem Authority, Pennsylvania Bethlehem; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation
Standard & Poors, July 2004
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 'A-' rating on Bethlehem Authority, Pa.'s guaranteed water revenue refunding bonds series 2004, issued for Bethlehem, reflects the security provided by the guarantee agreement, which amounts to a full faith and credit GO pledge by the city of Bethlehem. Additional credit characteristics include the city's: Formerly manufacturing-based economy that has shown some resilience from the closing of Bethlehem Steel's manufacturing operations; Steadily increasing tax base, which is not heavily reliant on remaining Bethlehem Steel property; and Satisfactory financial performance, with general fund operating surpluses during the past two audited fiscal years and a very slight deficit for unaudited 2003. Mitigating credit factors include the city's: Below-average wealth and income levels, and High overall debt burden combined with a sizeable...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: New Rating
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