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Wilmington, Delaware; General Obligation Nov 11
Standard & Poors, November 2011
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating and stable outlook to Wilmington, Del.'s series 2011A, taxable 2011B, and taxable 2011C (direct-pay clean renewable energy conservation bonds) general obligation (GO) bonds and affirmed its 'AA-' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing GO debt. The rating reflects our opinion of 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 and unemployment that has historically been above state and national rates; Stabilizing finances that will remain challenged in the near future due to the economic downturn;...
Companies mentioned in this report are:
Action: New Rating
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Research Type: Full Analysis