Summary: Portsmouth, VA; Appropriation, Moral Obligation; Tax Secured, General Obligation Oct 05

Standard & Poors, October 2005

Abstract
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:
- Portsmouth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

- Portsmouth

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