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Allegheny County, Pennsylvania; General Obligation Feb 07
Standard & Poors, Feb 2007
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to Allegheny County, Pa.'s GO refunding and GO notes series C-59 and C-60, and affirmed its 'A' rating on the county's parity debt. The rating reflects the county's: Stabilized financial operations, with two years of break-even operations, partly offset by continued weak reserve levels, as well as significant challenges and uncertainty regarding potential sources of revenue and expenditure cuts; Participation in the large and diverse Pittsburgh metropolitan area economy; Chronic challenges in property tax revenue, creating budgetary uncertainty and uneven financial operations since 1996; and Capital improvement plan, which is manageable within its financial and debt profiles. Management has used debt restructuring to provide itself with short-term budgetary relief. After a...
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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