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Allegheny County, Pennsylvania; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation Jul 03
Standard & Poors, July 2003
Abstract
The 'AA-' rating on Allegheny County, Pa.'s GO refunding bonds series C-56 reflects the county's: Large and diverse Pittsburgh metropolitan area economy that is challenged by the problems faced by US Airways, which recently emerged from bankruptcy protection, and hampered by weak demographic trends resulting in slow growth relative to other major metropolitan areas across the country; Chronic challenges in property tax revenue, which has created budgetary uncertainty and uneven financial operations since 1996; Completed debt restructuring, initially begun in 1999, reducing debt service costs in the short run and creating a level debt service schedule for outstanding and future debt, but deferring amortization and constraining future bonding capacity; and Capital improvement plan, which is manageable within the county's financial...
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: Full Analysis
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