Summary: Wilmington, Delaware; General Obligation Apr 10

Standard & Poors, April 2010

Abstract
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:
- Wilmington

Action: Affirmed
Action: New Rating
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.

- Wilmington

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