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Bethlehem Authority, Pennsylvania Bethlehem; General Obligation; General Obligation Equivalent Security
Standard & Poors, Feb 2010
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 'A-' long-term rating assigned to Bethlehem Authority, Pa.'s series 2010 guaranteed water revenue refunding bonds, supported by the city of Bethlehem, reflects Standard & Poor's Ratings Services' assessment of the city's: Participation in the greater Allentown-Bethlehem-Easton metropolitan statistical area (MSA); Sizable economic development projects completed or under way, which should bolster the city's tax base and labor force, 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 strengths, in our opinion, are the city's: Continued reliance on the receipt of one-time revenues to close an ongoing structural budgetary gap; Fluctuating fund balance position, oftentimes bolstered by the receipt...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: New Rating
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