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Allegheny County, Pennsylvania; General Obligation, Local GO; Pf Structured, Liquidity Facility Jan 00
Standard & Poors, Jan 2000
Abstract
Allegheny County, Pa.'s GO rating reflects the security provided by the county's full faith and credit pledge. The short-term 'A-1c' rating on the series C-50 bonds is based on an SBPA provided by PNC Bank N.A. The SBPA provides coverage of bonds that are tendered for purchase but are not remarketed. The 'c' subscript indicates that the bank's obligation to purchase unremarketed bonds may be automatically terminated in the event the county's rating falls below 'BBB-'. The long-term rating reflects the following credit strengths: A large and diverse Pittsburgh, Pa. metropolitan area economy that is experiencing growth; A moderate direct tax-supported debt burden; Sound management, which is demonstrated by the corrective actions taken over the past three years that have...
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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