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Aspinwall, PA's Financial Deterioration Slashes GO Debt Rating Four Notches To 'BBB' May 11
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 20, 2011--Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on Aspinwall, Pa.'s general obligation (GO) debt four notches to 'BBB' from 'A+' based on its opinion of the borough's financial position deterioration, resulting in deficit fund balances in the past two years. The outlook is stable. The rating further reflects Standard & Poor's assessment of the borough's: Historically weak financial practices that relied on water revenue to support general fund operations, and Mature and stagnant property tax base. Somewhat tempering the above weaknesses are, what Standard & Poor's believes to be, the borough's: Participation in, and access to, the more-regional Pittsburgh employment base; Good income levels; and Low debt burden with limited...
Companies mentioned in this report are: Aspinwall Boro
Action: Downgraded
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.
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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