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Summary: Portsmouth, VA; Appropriation, Moral Obligation; Tax Secured, General Obligation Oct 05
Standard & Poors, October 2005
The 'AA-' standard long-term rating and Standard & Poor's underlying rating (SPUR) on Portsmouth, Va.'s GO bonds reflects the city's: Strategic location in the heart of the Hampton Roads region with a large stable military presence as an economic anchor--the success of economic development initiatives is expected to diversify the commercial and residential base; Sound management, despite recent turnover in key staff positions; Sound financial position and continued improvement of financial operations; and A moderate debt burden. The rating has been hindered by offsetting factors that include structurally above-average unemployment and below-average wealth and income levels, although not uncommon in this region with a large military presence. The array of development projects will be weighted based on their ability to...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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