Summary: Bethlehem, PA; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation
- ID: 1721067
- November 2004
- Standard & Poors
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Bethlehem, Pa.'s GO pension obligation bonds (POB) series 2004B were rated 'A-' and the city's outstanding GO debt was affirned. 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 showing some improvement in recent fiscal...
Companies mentioned in this report are: Bethlehem
Action: New Rating
Action: Outlook: Negative
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