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Summary: Norwalk, Connecticut; General Obligation; General Obligation Equivalent Security Jul 10
Standard & Poors, July 2010
Standard & Poor's Ratings Services assigned its 'AAA' rating and stable outlook to Norwalk, Conn.'s series 2010E general obligation (GO) bonds and 2010F general obligation federally taxable recovery zone economic development bonds and affirmed its 'AAA' rating, with a stable outlook, on the city's existing GO debt. The rating reflects our opinion of the city's: Deep, diverse economic base and ongoing mixed-use development; Location and access to regional employment centers; Strong income levels and an extremely strong property tax base; Strong management practices and operating flexibility to manage through the recession; and Moderate-to-low debt burden, net of self-supporting enterprise funds. It is our understanding that proceeds will be used to finance various city-wide capital projects. Norwalk, with a population estimate...
Companies mentioned in this report are: Norwalk
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.