S&PCORRECT: Syracuse Industrial Development Agency NY's Series 2007A, Taxable 2007B Ratings Affirmed Jul 12
- Language: English
- Published: July 2012
- Region: New York
Standard & Poor's Ratings Services assigned its 'BBB+' rating, and stable outlook, to Syracuse, N.Y.'s series 2007B public improvement serial bonds. The rating reflects the city's: Role as the regional employment center for central New York; Weak economic indicators, including a declining population, low income levels, and a stagnant property tax base; Financial operations that are increasingly reliant on nonrecurring revenue sources, primarily supplemental state aid and general fund reserves; Solid, yet fluctuating, general fund equity; and Moderate-to-high overall debt burden. The series 2007B public improvement bonds are secured by the city's faith and credit GO pledge. Proceeds from the series 2007B bonds will be used to finance general city and water projects. The series 2007A bonds are rated 'A'...
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