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Allegheny County, Pennsylvania; Appropriation, General Obligation Equivalent Security; Public Finance Structured, Liquidity Facility; Tax Secured, General Obligation Oct 04
Standard & Poors, Oct 2004
Abstract
Standard & Poor's Ratings Services lowered its rating on Allegheny County, Pa.'s outstanding GO bonds to 'A' from 'AA-' based on the county's weakened financial position. Meanwhile, the county economy continues to face challenges as a result of difficulties faced by US Airways, which recently filed for bankruptcy for the second time in a little over two years. Given the county's dependence on property taxes, and not wage taxes, Standard & Poor's does not anticipate that these difficulties will translate directly into significant revenue loss. However, the indirect effect of weakened economic conditions could pressure finances and financial flexibility, and remains a cause of credit concern. The revised rating also incorporates remedial actions that the county has taken to begin...
Companies mentioned in this report are: Allegheny Cnty
Action: Downgraded
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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