Summary: Syracuse, New York; Appropriations; General Obligation; Note May 11
- ID: 1793847
- May 2011
- Region: New York
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'A-' rating and stable outlook to Syracuse, N.Y.'s series 2011A public improvement bonds, and its 'SP-1' short-term rating to the city's series 2011A airport bond anticipation notes. Standard & Poor's also affirmed the 'A-' rating, with a stable outlook, on the city's outstanding general obligation (GO) debt. The ratings reflect our opinion of the city's: Role as the regional commercial and employment center for central New York; Weak economic indicators that include a declining population, low income levels, and a property tax base that has recently seen only modest growth; Continued good financial position, although the recent economic downturn has led to a significant drop in general fund reserves; and Moderate overall debt...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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