Summary: Dallas County, Alabama; Appropriations; General Obligation Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'A-' long-term rating on Dallas County, Ala.'s existing general obligation (GO) warrants. We also affirmed the 'BBB+' rating on Dallas County Public Building Authority's series 2010-A revenue warrants, supported by Dallas County, based on a lease agreement between the two. The outlook is stable for all ratings. The rating on the revenue warrants reflects the county's general credit characteristics and annual appropriation risk. In our view, the general credit characteristics, as reflected in the GO rating, include the county's: Fund balance position that, while small in absolute terms, is adequate as a percentage of expenditures; and Low overall net debt. Offsetting these credit strengths is the county's limited economy with low income levels...

Companies mentioned in this report are: Dallas Cnty,Dallas Cnty Pub Bldg Auth
Action: Affirmed
Action: Outlook: Stable

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.

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.

Dallas Cnty,Dallas Cnty Pub Bldg Auth

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