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Summary: North Myrtle Beach, South Carolina; General Obligation Aug 11
Standard & Poors, August 2011
Standard & Poor's Ratings Services assigned its 'AA' rating and stable outlook to North Myrtle Beach, S.C.'s series 2011 general obligation (GO) bonds. The rating reflects our view of the city's: Large and diverse economic base, anchored by, what we consider, strong tourism and recreation components, that has demonstrated good growth; Strong finances, characterized by the historical maintenance of, what we view as, very strong reserves, according to city policy; and Low overall debt as a percent of market value with, what we regard as, fast amortization and manageable additional capital needs, somewhat offset by high overall debt per capita. The 2011 bonds are a GO of the city, and the city's full-faith-and-credit pledge secures the bonds. Management plans to...
Companies mentioned in this report are: North Myrtle Beach
Action: New Rating
Action: Outlook: Stable
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
North Myrtle Beach