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Summary: Maryland; Tax Secured, General Obligation Jul 04

  • ID: 1886979
  • July 2004
  • Region: Maryland
  • Standard & Poors

Abstract
The 'AAA' rating on Maryland's GO bonds reflects: A recent history of balanced budgets and sound liquidity, including fiscals 2003-2005, but a reliance on onetime revenues; Historically sound financial management and performance that led to the build up of a "rainy day" reserve through fiscal 2001--although reserves were tapped, the stabilization fund was not reduced below 5% of revenues through fiscal 2004; A diverse broad-based economy that has performed well above average due to a large and expanding federal government presence; High wealth and income levels, and unemployment that remains below the national average through economic cycles; and A manageable debt burden enhanced by a statutory 15-year debt maturity schedule. The economic recovery helped generate an estimated $230 million surplus...

Companies mentioned in this report are:
- Maryland

Action: Affirmed
Action: New Rating

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Maryland

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