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Bethlehem, PA; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation
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: Full Analysis
Abstract
Standard & Poor's Ratings Services assigned its 'A-' rating to Bethlehem, Pa.'s GO pension obligation bonds (POB) series 2004B, and affirmed the city's outstanding GO debt. The outlook was revised to negative from stable based on the city's tight projected financial position and reserve levels for fiscal year 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. The series 2004B POB is secured by the city's full faith and credit pledge. Proceeds of the series 2004B POB will be used to fully fund the city's unfunded actuarial accrued liability (UAAL) totaling approximately $34.63 million as of the Jan. 1, 2003 actuarial valuation date. Despite...
Companies mentioned in this report are: Bethlehem
Action: New Rating
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