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Allegheny County Industrial Development Authority, Pennsylvania; General Obligation Equivalent Security Sep 07
Standard & Poors, Sep 2007
Abstract
Standard & Poor's Ratings Services affirmed its 'A' rating on Allegheny County Industrial Development Authority, Pa.'s guaranteed lease revenue bonds. The rating is based on the security provided by a guarantee agreement with Allegheny County backed by the county's full faith and credit pledge to make annual lease payments and therefore reflects the county's GO rating. The rating reflects the county's: Stabilized financial operations, with two years of break-even operations, partly offset by continued weak reserve levels, as well as significant challenges and uncertainty regarding potential sources of revenue and expenditure cuts; Participation in the large and diverse Pittsburgh metropolitan area economy; Chronic challenges in property tax revenue, creating budgetary uncertainty and uneven financial operations since 1996; and Capital improvement...
Companies mentioned in this report are: Allegheny Cnty Indl Dev Auth,Allegheny Cnty Redev Auth,Allegheny Cnty
Action: Affirmed
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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