CHICAGO (Standard & Poor's) Oct. 13, 2009--Standard & Poor's Ratings Services assigned its 'AAA' enhanced rating, and stable outlook, to Lamberton, Minn.'s series 2009B general obligation (GO) utility revenue bonds based on the city's participation in Minnesota's city credit enhancement program. The rating reflects the program's strong cash balances to cover the unlikely event of multiple city defaults and the absence of additional legislative action required to compel the state to cure the default. Authorized in 2008, the city credit enhancement program is the third enhancement program for the state rated by Standard & Poor's, following nearly identical programs for counties (established in 2000) and school districts (established in 1993). All three enhancement programs are rated 'AAA' by Standard &...
Companies mentioned in this report are: Lamberton
Action: New Rating
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