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Hopewell, VA's Consistently Strong Finances, Solid Projected Debt Service Lift Issuer Credit Rating To 'AA-' Nov 10

  • ID: 2023708
  • November 2010
  • Standard & Poors
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NEW YORK (Standard & Poor's) Nov. 17, 2010--Standard & Poor's Ratings Services raised its issuer credit rating (ICR) on Hopewell, Va. one notch to 'AA-' from 'A+' based on its view of the system's consistently strong financial position, further strengthened by the creation of a rate stabilization fund, and solid projected debt service coverage. The outlook is stable. At the same, Standard & Poor's assigned its 'AA-' long-term rating, and stable outlook, to the city's $6 million series 2010 sewer revenue bonds. The rating also reflects Standard & Poor's view of the system's: Stable service area economy with interests in the manufacturing and military sectors; Diverse, primarily residential customer base; and Low rates despite a substantial increase in 2009 in...

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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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