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Myrtle Beach, South Carolina; Tax Secured, General Obligation Apr 02
Standard & Poors, April 2002
The rating upgrade to 'AA-' from 'A+' on Myrtle Beach, S.C.'s GO bonds reflects a local economy anchored by tourism and recreation that has proven to be resilient through various economic cycles, with the potential for a very gradual diversification of the economic base through a planned economic development strategy. Other factors include: Above-average growth in the tax base, Continued sound financial operations, and A manageable capital plan. These factors are offset by below-average wealth and income levels and a high overall debt burden on a per capita basis. The bonds are secured by the city's full faith and credit GO pledge. Proceeds from the series 2002A bonds will be used to defray a portion of the cost of improvements...
Companies mentioned in this report are: Myrtle Beach
Action: New Rating
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Research Type: Full Analysis