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Summary: Monroe, Louisiana; Sales Tax Sep 11

  • ID: 1886126
  • September 2011
  • Region: Louisiana
  • Standard & Poors

Standard & Poor's Ratings Services assigned its 'A+' long-term rating and stable outlook to Monroe, La.'s series 2011A sales tax refunding bonds and affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on the city's existing sales tax debt. The rating reflects our view of the city's: Role as a regional service and retail center for northeastern Louisiana; Continued strong debt service coverage (DSC) despite the issuance of additional debt; and Good legal provisions, highlighted by a two-year historical additional bonds test that requires 1.35x future maximum annual debt service (MADS) coverage. We believe somewhat offsetting rating factors include the city's: Low income, and Moderate concentration in the leading sales tax generators. Revenue from an electorate-authorized, dedicated one-cent sales...

Companies mentioned in this report are: Monroe
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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