Summary: Asbury, Iowa; General Obligation Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Asbury, Iowa's series 2012A general obligation (GO) refunding bonds, series 2012B GO refunding bonds, and series 2012C GO refunding bonds. At the same time, we affirmed our 'AA-' rating on the city's existing GO bonds and notes. The outlook is stable. The ratings reflect our view of the city's: Access to the larger and diverse Dubuque employment base; Very strong income levels and strong market value per-capita; Strong reserve levels on a cash basis of accounting; and Moderate debt burden. Partially offsetting these strengths is our view of debt service that is considered high as a percentage of operating expenditures and the volatile nature of golf course revenues, which...

Companies mentioned in this report are: Asbury
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

Asbury

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