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Summary: Chelsea, Alabama; General Obligation
Description:
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Chelsea, Ala.'s series 2009 general obligation (GO) warrants. In our view, the rating reflects the city's: Strong regional economy with easy access to the Birmingham metropolitan statistical area (MSA), Very strong income levels, and Low debt burden. In our opinion, the city's early stage of development and rapid population growth create some uncertainty about additional capital and debt needs, offsetting, in part, these credit factors. While the series 2009 GO warrants are secured by the city's full faith and credit pledge, city officials are planning to use a special tax (a sales and use tax) to make debt service payments. Officials are planning to use series 2009...
Companies mentioned in this report are: Chelsea
Action: New Rating
Action: Outlook: Stable
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Chelsea, Ala.'s series 2009 general obligation (GO) warrants. In our view, the rating reflects the city's: Strong regional economy with easy access to the Birmingham metropolitan statistical area (MSA), Very strong income levels, and Low debt burden. In our opinion, the city's early stage of development and rapid population growth create some uncertainty about additional capital and debt needs, offsetting, in part, these credit factors. While the series 2009 GO warrants are secured by the city's full faith and credit pledge, city officials are planning to use a special tax (a sales and use tax) to make debt service payments. Officials are planning to use series 2009...
Companies mentioned in this report are: Chelsea
Action: New Rating
Action: Outlook: Stable
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Companies Mentioned
Chelsea
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Summary: Chelsea, Alabama; General Obligation
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