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Bethlehem, Pennsylvania; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation
Standard & Poors, April 2005
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
Bethlehem, Pa.'s series 2005A and 2005B GO bonds have been rated 'A-'. Key credit factors include the city's: Tight financial position, Low general fund balances as of audited fiscal 2003, High overall debt burden, and Solid local economy. The 'A-' Standard & Poor's underlying rating (SPUR) on the city's outstanding GO bonds has been affirmed. The outlook remains negative. The outlook was originally revised in November 2004 following a tightening projected financial position, coupled with low general fund reserve levels heading into fiscal 2005. The series 2005A and 2005B bonds are secured by the city's full faith and credit GO pledge. Proceeds of the series 2005A bonds will be used to finance various equipment acquisitions, along with general long-term and...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: New Rating
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