Summary: Dauphin Cnty, PA; Appropriation, Appropriations; Tax Secured, General Obligation Jun 05

Standard & Poors, June 2005

Abstract
The rating outlook on Dauphin County, Pa.'s outstanding GO bonds has been revised to stable from negative, reflecting an improvement in the financial position, largely resulting from increased property tax rates in fiscals 2004 and 2005. The 'AA' standard long-term rating and Standard & Poor's underlying rating (SPUR) have been affirmed. The county's series 2005A-2005C GO bonds have been rated 'AA'. The rating further reflects: A large economic base that is anchored by state and federal government employment; A projected improvement in general fund reserve levels for fiscals 2004 and 2005, resulting from cost containment measures and property tax rate increases of 20% and 19%, respectively; A large and diverse tax base, coupled with significant tax raising flexibility, as the...

Companies mentioned in this report are:
- Dauphin Cnty
- Dauphin Cnty Gen Auth
- Dauphin Cnty Indl Dev Auth

Action: Affirmed
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.

- Dauphin Cnty
- Dauphin Cnty Gen Auth
- Dauphin Cnty Indl Dev Auth

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