Summary: Dauphin Cnty, PA; Appropriation, Appropriation; Tax Secured, General Obligation Apr 04

Standard & Poors, April 2004

Abstract
The 'AA' rating on Dauphin County, Pa.'s series 2004 GO bonds and series 2004C and 2004D GO notes, and the 'AA' standard long-term rating and Standard & Poor's underlying rating (SPUR) on its outstanding GO bonds reflect: A large and diverse economic base that includes the state capital; Above-average wealth and income levels; A large and diverse $13 billion tax base; Significant flexibility to raise property taxes, with the current levy at only 24% of the 25-mill levy limit; and A moderate debt burden. These factors are partly offset by: A weakened financial position and only marginal general fund reserves projected for fiscal 2004; Property tax collections that historically have been on the low end; and An accumulated deficit in...

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

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
- Dauphin Cnty Gen Auth
- Dauphin Cnty Indl Dev Auth

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