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Allegheny County, Pennsylvania; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation Dec 04
Standard & Poors, Dec 2004
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to Allegheny County, Pa.'s GO bonds series C-57 and affirmed its 'A' rating on the county's outstanding parity debt. The rating reflects the following: The large and diverse Pittsburgh metropolitan area economy is being challenged by the problems faced by US Airways, which recently re-filed for bankruptcy protection. The economy is also hampered by weak demographic trends, resulting in slow growth relative to other major metropolitan areas across the country. The county has a weakened level of reserves, as it drew down unreserved balances to $16.3 million, or 2.7% of fiscal 2003 expenditures, from $43.2 million, or 7.4% of fiscal 2002 expenditures. The drawdown was attributable, in part, to a homestead...
Companies mentioned in this report are: Allegheny Cnty,Allegheny Cnty Indl Dev Auth
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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