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Summary: Duluth, MN; Tax Secured, General Obligation Aug 04

  • ID: 2049807
  • August 2004
  • Standard & Poors

Standard & Poor's Ratings Services assigned its 'A+' rating to Duluth, Minn.'s GO street improvement bonds and GO airpark improvement bonds, series 2004B and 2004C. In addition, Standard & Poor's affirmed its 'A+' and 'A+' underlying rating (SPUR) on the city's outstanding debt. The 'A+' rating reflects the city's: Role as a regional economic center, which is supported by health care, aircraft manufacturing and maintenance, port activity, and tourism; Good finances, with adequate fund balance levels; and Well-managed capital needs, accompanied by a moderate debt burden. Below-average income levels and the cyclical nature of leading area industries, such as wood, grain products, shipping, and mining, offset these strengths. The bonds are secured by the city's general obligation pledge. Proceeds of...

Companies mentioned in this report are:
- Duluth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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