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Berlin,CT's Expanding Economy And Tax Base, Sound Fiscal Performance Nudge Debt Rating To 'AA'
Standard & Poors, Sep 2005
Abstract
NEW YORK (Standard & Poor's) Sept. 20, 2005-- Standard & Poor's Ratings Services raised its rating on the town of Berlin, Conn.'s general obligation debt outstanding one notch to 'AA' from 'AA-' based on the town's steady economic and property tax base expansion; consistently sound financial performance and management; rapid amortization of all debt to be retired by 2016; and continued property tax base diversification, though it remains slightly concentrated in Northeast Utilities, the leading taxpayer. The outlook remains stable. The rating agency also assigned its 'AA' rating, and stable outlook, to the town's $4.56 million series 2005A and 2005B GO taxable and tax-exempt bonds. The rating also reflects the town's consistently above-average wealth and income indicators, below-average unemployment levels...
Companies mentioned in this report are: Berlin Twn
Action: New Rating
Action: Outlook: Stable
Action: Upgraded
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.
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