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Summary: Allentown, Pennsylvania; General Obligation Product Image

Summary: Allentown, Pennsylvania; General Obligation

  • ID: 1784308
  • February 2011
  • Region: Pennsylvania
  • Standard & Poors

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: Affirmed
Action: New Rating
Action: Outlook: Stable

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