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Allentown, Pennsylvania; General Obligation
Standard & Poors, Feb 2011
Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating, and stable outlook, to Allentown, Pa.'s series 2011 general obligation (GO) bonds and affirmed its 'BBB+' underlying rating (SPUR), with a stable outlook, on the city's existing GO debt. The rating reflects our view of the city's: Limited financial flexibility, in particular with respect to revenue-enhancement capabilities given its Home Rule Charter status; Sizable and growing unfunded pension liability; and Local economy, characterized by above-average unemployment, adequate income indicators, and low property wealth. Positive credit factors include our view of the city's: Management team's current focus on producing and adhering to structurally sound budgets, and Near break-even operations expected for fiscal 2010 after three years of consecutive general fund drawdowns....
Companies mentioned in this report are: Allentown
Action: New Rating
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
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