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Summary: Wilmington, Delaware; General Obligation Apr 10
Standard & Poors, April 2010
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to Wilmington, Del.'s series 2010A general obligation (GO) refunding bonds and affirmed its 'AA-' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing GO debt. In our opinion, the rating reflects the city's: Diversification and gradual redevelopment of the local economy, anchored by chemical manufacturing and financial and banking services; Continuing property tax base expansion with a somewhat concentrated wage tax base; Adequate wealth and income levels and unemployment that has historically been above state and national rates; Fiscal operations that will remain challenged in the near future due to the economic downturn; Recently achieved financial flexibility, resulting from an increase in...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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