Summary: Portsmouth, Virginia; General Obligation May 09
- ID: 1826703
- May 2009
- Region: Virginia
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Portsmouth, Va.'s general obligation (GO) series 2009D bonds. The 'AA-' rating on the city's parity debt has been affirmed. The outlook is negative. The 'AA-' rating reflects the city's: Historically stable location in the heart of the Hampton Roads region, with a large stable military presence as an economic anchor and successful economic development initiatives that continue to diversify the commercial and residential base; Adequate wealth and income levels compared with the nation; A new management team that inherited an overly optimistic revenue forecast for fiscal 2008 and 2009 and more recently adopted a balanced budget for fiscal 2010 with no planned use of fund balance; Sound financial position,...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Negative
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