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Summary: Portland, ME; Tax Secured, General Obligation Feb 03
Standard & Poors, February 2003
The 'AA' rating on the City of Portland, Maine's GO bonds reflects: Portland's role as the commercial and industrial hub for the state's southern region; Sound financial operations, guided by prudent policies; Average wealth indicators; and A moderate debt burden and a capital improvement plan (CIP) adhering to a city-council-adopted, $10-million annual cap on noncombined sewer overflow issuance. The bonds are secured by the city's full faith and credit pledge. Portland, population 64,227, is the state's center for health care, has several higher education facilities, and is the state's financial center as it is home to many of its most important banks. Unemployment rates have held to historic norms throughout the current national recession. The November 2002 unemployment rate of...
Companies mentioned in this report are: Portland
Action: New Rating
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