Summary: Portland, ME; Tax Secured, General Obligation Mar 04

Standard & Poors, March 2004

Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Portland, Maine's $18.7 million series 2004A GO bonds and $1.0 million series 2004B GO taxable bonds. The rating reflects the city's: Role as the commercial, industrial, and transportation hub for the state's southern region; Sound financial operations, guided by prudent formal policies; Average wealth indicators; and Moderate debt burden and a capital improvement plan (CIP) that adheres to a city-council-adopted, $10-million annual cap on noncombined sewer overflow issuance. The city's full faith and credit pledge secures the bonds. Portland, with a population of 64,249, is Maine's center for health care and its financial center since it is home to many of the state's most important banks; several...

Companies mentioned in this report are: Portland
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Portland

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