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Baltimore, Maryland; Tax Secured, General Obligation Mar 04
Standard & Poors, March 2004
Abstract
Standard & Poor's Ratings Services affirmed its 'A+' rating on Baltimore, Md.'s outstanding GO debt, following the city's decision to draw down reserves to assist the Baltimore City Public School System (BCPSS) through a temporary $42.0 million loan to help it meet its operating needs. The rating affirmation is based on: The overall review of the city's financial position, The effect of the proposed loan on the city's financial position, and The preliminary school financial recovery plan. There could, however, be potential credit risk if the school system's structural imbalance is not resolved and the city has to forego loan repayment, if the repayment is significantly delayed, and/or if the city increases its financial commitment to the schools. While the...
Companies mentioned in this report are: Baltimore Mayor & City Council
Action: Affirmed
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: Full Analysis
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