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Allegheny County, PA's Outlook Changed to Negative Aug 02
Standard & Poors, Aug 2002
Abstract
NEW YORK (Standard & Poor's) Aug. 14, 2002-Standard & Poor's Ratings Services changed its outlook on Allegheny County, Pa.'s outstanding GO bonds to negative from stable, reflecting continuing challenges to the county's property tax revenue, which has resulted in uneven financial operations over the past six years as well as a large budget gap for fiscal 2003. The double-'A'-minus long-term and underlying ratings have been affirmed. At the same time, Standard & Poor's assigned its double-'A'-minus rating to the county's $130 million GO and GO refunding bonds series C54 and series C55. The outlook is negative. 'The county will be challenged to close the gap despite limited revenue and expenditure flexibility,' said Standard & Poor's credit analyst Jeff Panger. Allegheny...
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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