Summary: Suffolk Cnty, NY; Tax Secured, General Obligation Oct 05

Standard & Poors, October 2005

Abstract
The 'A+' rating on Suffolk County, N.Y.'s series 2005C GO public improvement bonds reflects the county's: Diverse local economy, with access to the broad New York City metropolitan area; Sizeable and rapidly increasing tax base; Above-average income levels; Proactive budget management, which should lead to continued stable financial operations in future years; Current healthy reserve levels, particularly within the tax stabilization reserve fund; and Moderate overall debt burden. Tempering credit factors include the county's: Heavy reliance on economically sensitive revenue streams such as sales taxes; Regular use of the unreserved general fund balance as a revenue source for annual operating budgets; and Lack of formal fund balance and reserve policies. The series 2005C bonds are secured by the county's faith...

Companies mentioned in this report are: Suffolk Cnty
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

Suffolk Cnty

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