Summary: Dauphin County, Pennsylvania; Appropriations; General Obligation Apr 10

Standard & Poors, April 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and negative outlook, to Dauphin County, Pa.'s series 2010 general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its 'AA' long-term rating on the county's GO bonds outstanding. The outlook is negative. The affirmation of the 'AA' rating reflects, in our opinion, Dauphin County's: Stable economic base, anchored by a substantial presence of state and federal government employment that provides a foundation of strong income levels and below-average unemployment over time; Very strong overall financial position and steady operations in recent years, underlied by the county's reliance on its stable property tax base; and Moderate direct debt levels, with good amortization and stable debt service carrying charges....

Companies mentioned in this report are:
- Dauphin Cnty

Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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

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