Summary: Bethlehem, PA; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation
- ID: 1721058
- July 2004
- Standard & Poors
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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
Action: Outlook: Stable
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