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Horry County, South Carolina; Tax Secured, General Obligation Aug 05
Standard & Poors, August 2005
The 'AA-' rating on Horry County, S.C.'s GO bonds series 2005A and B reflects the county's: Location in the Myrtle Beach MSA, with a diversified employment base; Continued economic diversification; Strong financial performance and stable financial position; and Low overall debt burden on a market value basis. These strengths are tempered by slightly below-average wealth levels and the economic cyclicality associated with a tourism-based economy. The series 2005A and B bonds are secured by the general obligation of the county. A portion of the proceeds of the two series of bonds will used to refund the 2009-2022 maturities of the county's original principal amount $38.3 million GO bonds series 1999, as well as the 2010-2015 maturities of the county's original...
Companies mentioned in this report are: Horry Cnty
Action: New Rating
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Research Type: Full Analysis