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Summary: Bangor, Maine; General Obligation Apr 09
Standard & Poors, April 2009
Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Bangor, Maine's general obligation (GO) debt to 'AA' from 'AA-'. The upgrade reflects the city's consistently stable and solid financial position and management. The outlook is stable. At the same time, Standard & Poor's assigned its 'AA' long-term rating, and stable outlook, to Bangor's series 2009A GO bonds. In our opinion, 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 has occurred over the last several years, which has provided additional revenue flexibility coupled with continued, but more modest, growth despite current recessionary times; Stable financial position characterized by...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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