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Board of Education of the City of Bessemer, Alabama; Miscellaneous Tax Dec 11
Standard & Poors, Dec 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A-' rating, and stable outlook, to Bessemer City Board of Education (board), Ala.'s school tax warrants, series 2011 and series 2012-A. The ratings reflect what we view as the board's: Adequate bond provisions with a 1.25 additional bond test; and Strong coverage of maximum annual debt service (MADS) of at least 2.66x, based on fiscal 2011 collections of the limited ad valorem taxes. Warrants are payable ahead of all other board obligations, including operating expenses; consequently we evaluated the bonds' credit quality on the basis of our special tax criteria, compared with our general obligation criteria that assesses the capacity to meet debt service payments from residual amounts after the payment of expenses....
Companies mentioned in this report are: Bessemer City Brd of Ed
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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