- Language: English
- Published: December 2012
- Region: Virginia
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
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. SHOW LESS READ MORE >