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Bangor, Maine; Tax Secured, General Obligation May 05
Standard & Poors, May 2005
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Bangor, Maine's series 2005A and 2005B GO bonds. The rating reflects the city's: Significant local economy, which is the hub of economic activity for northern and eastern Maine; Continued sound and stable financial position, coupled with strong management and financial policies; and Moderate overall debt burden, coupled with modest future borrowing needs. The city's below-average wealth levels are a mitigating factor. The city's full faith and credit pledge secures the bonds. Officials will use series 2005A bond proceeds to finance $2.0 million of the $7.0 million total cost for the city's new police station and $1.6 million of building repairs and vehicle replacement. Officials will use series...
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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