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Bethlehem, PA's GO Bonds Rated 'A-'; Outlook Revised to Negative
Standard & Poors, Nov 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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) Nov. 15, 2004-Standard & Poor's Ratings Services today assigned its 'A-' rating to Bethlehem, Pa.'s GO pension obligation bonds (POB) series 2004B and affirmed the city's outstanding GO debt. At the same time, the outlook was revised to negative from stable reflecting the city's tightening financial position and reserve levels for fiscal 2005. Key credit factors include the city's adequate general fund balances as of audited fiscal year 2003, stable local economy, and slowly increasing tax base. 'Despite showing some improvement in recent fiscal years (Dec. 31), there are increasing indications of a tightening of Bethlehem's financial position for fiscal 2005,' said Standard & Poor's credit analyst Harold Burger. 'A rating downgrade could be warranted...
Companies mentioned in this report are: Bethlehem
Action: New Rating
Action: Outlook: Negative
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