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Bethlehem Authority, Pennsylvania Bethlehem; General Obligation; General Obligation Equivalent Security
Standard & Poors, Dec 2008
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
Standard & Poor's Ratings Services has raised its underlying rating (SPUR) on the city of Bethlehem and Bethlehem Authority, Pa.'s general obligation bonds to 'A-' from 'BBB+', based on the city's diversifying revenue stream and stabilizing financial performance, as well as our expectation that both adequate reserve levels and moderate overall net debt levels will be maintained or improved. The rating also reflects our opinion of the city's: Participation in the greater Allentown-Bethlehem-Easton metropolitan statistical area; Sizable economic development projects completed or underway that should bolster the city's tax base, which is still recovering from the loss of a major manufacturer earlier in the decade; and Moderate overall net debt burden, coupled with manageable future capital needs. Mitigating the aforementioned...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: Upgraded
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