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Ratings On Bethlehem, Bethlehem Authority, PA Lowered To 'BBB' Due To Weakened Finances

  • ID: 1721420
  • February 2011
  • Standard & Poors
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  • Bethlehem,Bethlehem Auth
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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.

NEW YORK (Standard & Poor's) Feb. 9, 2011--Standard & Poor's Ratings Services said it lowered to 'BBB' from 'A-' its long-term rating and underlying rating (SPUR) on the city of Bethlehem, Pa.'s general obligation (GO) debt. We also lowered to 'BBB' from 'A-' the rating on Bethlehem Authority's GO debt. The outlook on the ratings is stable. At the same time, we assigned a 'BBB' rating and stable outlook to the city's series 2011A and B GO bonds and to Bethlehem Authority's 2011A guaranteed lease revenue bonds. "The downgrades are based on a deterioration of Bethlehem's financial position and the need to issue deficit financing to fund operating expenses," said Standard & Poor's credit analyst Kate Hackett. The rating reflects...

Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: Downgraded
Action: New Rating
Action: Outlook: Stable

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Bethlehem,Bethlehem Auth

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