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Allegheny County, PA's GO Bonds Series C-57 Rated 'A'; Outlook Stable Dec 04
Standard & Poors, Dec 2004
Abstract
NEW YORK (Standard & Poor's) Dec. 8, 2004--Standard & Poor's Ratings Services assigned its 'A' rating to Allegheny County, Pa.'s $184.385 million general obligation bonds series C-57 and affirmed its 'A' rating on the county's outstanding parity debt. The rating reflects challenges posed to the large and diverse Pittsburgh metropolitan area economy as a result of the problems faced by US Airways, which recently re-filed for bankruptcy protection, coupled with the county's weak demographic trends and weakened level of reserves. The rating also reflects the county's chronic challenges in property tax revenue, creating budgetary uncertainty and uneven financial operations since 1996, and a capital improvement plan that is manageable within the county's financial and debt profiles. The outlook is stable...
Companies mentioned in this report are: Allegheny Cnty,Allegheny Cnty Indl Dev Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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