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Bethlehem Authority, Pennslvania Bethlehem; General Obligation; General Obligation Equivalent Security
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: Full Analysis
Abstract
The Standard & Poor's underlying rating (SPUR) on GO bonds issued for the city of Bethlehem and Bethlehem Authority, Pa.has been lowered 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. Bethlehem's recent financial performance (fiscals 2004 and 2005) has been relatively weak, and fiscal 2005 performance resulted in a significant decline in general fund reserves. Even though fiscal 2004 closed with a $232,733 operating surplus, which included...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: Downgraded
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