Summary: Portland, ME; General Obligation, Local GO Nov 99
- ID: 2045766
- November 1999
- Standard & Poors
The rating on Portland, Maine's bonds reflects the city's GO credit pledge. Other rating factors include: The city's position as an established anchor for commercial, financial, and health care services within the state; Financial operations that remain sound; and A manageable and moderate debt burden. Portland is located on the southeastern coast of Maine and is the state's center of economic activity. Portland's role as an employment and retail center for the state is evidenced by low rates of unemployment, above-average retail sales, and sustained and slightly above-average wealth levels measured on a per capita basis. The tax base has grown steadily from commercial (construction of a $60 million UNUM Insurance Co. headquarters) and high-end ($250,000-$300,000) new residential development. Portland's...
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Action: New Rating
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