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Summary: Lafayette, LA; Tax Secured, Sales Tax Oct 03
Standard & Poors, October 2003
Standard & Poor's Ratings Services assigned its 'A+' rating, and stable outlook, to Lafayette, La.'s $30.19 million series 2004 public improvement sales tax refunding bonds. The rating reflects the city's: Position as a regional retail trade and service center, Strong debt service coverage equal to 1.69x maximum annual debt service (MADS), Strong historical additional bonds test of 1.5x maximum future debt service and a fully funded debt service reserve fund, and Moderate concentration in sales tax generators. These strengths are offset by the city's: Economy, which is concentrated in the oil and gas sector, although the economy has diversified over the past decade; and Somewhat volatile sales tax collections. A first lien on the net proceeds of a 1985 electorate-authorized...
Companies mentioned in this report are: Lafayette
Action: New Rating
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