Summary: Charles Cnty, MD; Tax Secured, General Obligation Mar 06

Standard & Poors, March 2006

Abstract
The 'AA' rating on Charles County, Md.'s GO bonds series 2006 and GO bonds outstanding reflects: A local economy, stabilized by U.S. Navy operations and military-related services, that participates in the regional economy of the outer Washington, D.C., area; Above-average wealth levels and a low unemployment rate; Steady and consistent tax base growth along with no taxpayer concentration; Continued strong financial operations; and A low debt burden with a manageable capital improvement plan (CIP). The series 2006 bonds are secured by the county's full faith and credit GO pledge. Bond proceeds will be used to fund various capital projects, including $22.8 million for school-related projects. Charles County is located on the southern Maryland peninsula between the Patuxent and Potomac rivers....

Companies mentioned in this report are:
- Charles Cnty

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

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.

- Charles Cnty

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