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Beaufort County, South Carolina; Tax Secured, General Obligation Oct 04
Standard & Poors, Oct 2004
Abstract
The 'AA-' rating on Beaufort County, S.C.'s GO bonds series 2004 reflects: An expanding local economy supported by tourism and military components; Above-average wealth levels with a consistently low unemployment rate; Significant property tax base increases driven by property revaluation and assisted by consistent residential construction; An improved financial position showing adequate fund balance reserve levels gained by adjusting property tax levies to be in line with current expenditures; and A manageable direct debt burden tempered somewhat by the additional debt service expenses driven by rapid population increases and ensuing infrastructure needs. These factors are offset by the county's weakening financial position that resulted from the utilization of fund balance reserves to avoid tax-rate increases to cover growing expenditure costs...
Companies mentioned in this report are: Beaufort Cnty
Action: New Rating
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: Full Analysis
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