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Allegheny County, Pennsylvania; Tax Secured, General Obligation Aug 02
Standard & Poors, Aug 2002
Abstract
The 'AA-' rating on Allegheny County, Pa.'s GO bonds is affirmed. However, the outlook change to negative from stable reflects continuing challenges to the county's property tax revenue, which has resulted in uneven financial operations over the past six years and a large budget gap for fiscal 2003. The county will be challenged to close the gap despite limited revenue and expenditure flexibility. Should the county balance its fiscal 2003 budget by further reducing reserves below current minimally adequate levels or by instituting significant layoffs that erode service delivery, the rating will likely be lowered. A rating downgrade will also result from the use of onetime resources beyond the levels incorporated in the 2002 budget. In the more intermediate term,...
Companies mentioned in this report are: Allegheny Cnty
Action: New Rating
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.
Research Type: Full Analysis
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