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Bethlehem, PA GO Bond Rating Lowered To 'BBB+'; Diminished, Weak General Fund Reserves Cited
Standard & Poors, Nov 2006
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, 2006-Standard & Poor's Ratings Services has lowered its underlying rating (SPUR) on GO bonds issued for the city of Bethlehem and Bethlehem Authority, Pa. to 'BBB+' from 'A-', reflecting the city's diminished and weak general fund reserve levels through audited fiscal year-end Dec. 31, 2005, and the expected continuance of thin reserves through fiscal 2006. The outlook is stable. Key credit factors include the city's continued tight financial position, low general fund reserves through audited fiscal 2005, high overall debt burden, and solid local economy. The stable outlook reflects Standard & Poor's expectation that the fiscal 2006 ending general fund results and reserve position will signify the low point for the city's financial...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: Downgraded
Action: Outlook: Stable
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