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Bangor, Maine; General Obligation May 07
Standard & Poors, May 2007
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Bangor, Maine's series 2007 GO bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating and underlying rating (SPUR) on the city's existing GO debt. The outlook is stable. The ratings reflect the city's: Significant local economy, which is the hub of economic activity for northern and eastern Maine; Considerable new growth and development that is currently under way or planned, which will provide revenue flexibility; Stable financial position with comfortable reserves; and Moderate overall debt burden, with limited future capital needs. The city's below-average wealth levels constrain the rating. The city's full faith and credit pledge secures the bonds. Officials will use $1.9 million...
Companies mentioned in this report are: Bangor
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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