Bethlehem, PA GO Bond Rating Lowered To 'BBB+'; Diminished, Weak General Fund Reserves Cited
- ID: 1721149
- November 2006
- Standard & Poors
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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: Outlook: Stable