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Summary: Portland, ME; Tax Secured, General Obligation Mar 04
Standard & Poors, March 2004
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: New Rating
Action: Outlook: Stable
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