Summary: Cudahy, Wisconsin; General Obligation Nov 09

Standard & Poors, November 2009

Abstract
Standard & Poor's Ratings Services has raised its underlying rating (SPUR) on Cudahy, Wis.' general obligation (GO) debt to 'AA-' from 'A+', based on the city's maintenance of very strong reserves. The city's series 2009A GO corporate purpose bonds and series 2009B taxable GO bonds have been rated 'AA-'. In our opinion, the rating also reflects the city's: Access to the diverse Milwaukee, Wis. area economic base; Steady tax base growth due to successful redevelopment efforts; Management characterized as "good" under our Financial Management Assessment; and Sound financial operations. The city's moderately high debt levels temper these strengths. The city's obligation to levy unlimited ad valorem property taxes to pay debt service secures the bonds, but the city intends to...

Companies mentioned in this report are: Cudahy
Action: New Rating
Action: Outlook: Stable
Action: Upgraded

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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.

Cudahy

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