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Bethlehem, Pennsylvania; General Obligation
Standard & Poors, Feb 2011
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 lowered to 'BBB' from 'A-' its long-term rating and underlying rating (SPUR) on the city of Bethlehem, Pa.'s general obligation (GO) debt. The outlook 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 downgrade is based on a deterioration of Bethlehem's financial position and the need to issue deficit financing to fund operating expenses. The rating reflects the following factors: High level of interfund borrowing to finance operating expenditures over the last several years, necessitating issuance of deficit financing; Ongoing structural budgetary imbalance in the general fund operations, resulting in negative...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: New Rating
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