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Allegheny County, Pennsylvania; General Obligation, Local GO Nov 00
Standard & Poors, Nov 2000
Abstract
The rating on Allegheny County, Pa.'s bonds reflects: The large and diverse Pittsburgh MSA economy, which is experiencing slow growth relative to other major metropolitan areas across the country; The restoration of stable financial operations beginning in fiscal 1997 following a significant operating deficit in fiscal 1996 that resulted from a 20% property tax cut; The adoption of a debt restructuring plan in 1999 that, when fully implemented, will result in level debt service payments through fiscal 2005; the plan reduces the significant increase in debt service that would have occurred absent the restructuring; A six-year capital improvement plan (CIP) that is manageable within the county's financial and debt profiles; and A strong pension system that had a 123.6% total...
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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