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Bangor, Maine; Tax Secured, General Obligation Feb 02
Standard & Poors, Feb 2002
Abstract
The 'AA-' rating on Bangor, Maine's GO bonds reflects the city's: Position as the center of economic activity for the northern and eastern portions of Maine, Sound and consistent financial position with strong financial policies and management, Below-average wealth levels, and Moderate and manageable debt burden. The city's GO pledge secures the bonds. The bonds are being issued to fund payment of both the city's ($32 million) and Bangor Public Library's ($900,000) initial unpooled unfunded actuarial liability (IUUAL) to the Maine State Retirement System (MSRS). The city's GO pledge backs both components. The city will achieve interest savings by prepaying the IUUALs to the pension system. Bangor will recognize the approximately $3.2 million present value savings evenly over 24 years....
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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