Summary: Shelby County, Tennessee; CP; General Obligation Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Shelby County, Tenn.'s series $226 million 2012A general obligation (GO) refunding bonds and $15 million series 2012B special GO bonds. In addition, we affirmed our 'AA+' long-term rating and underlying rating on the county's parity GO debt. The outlook on all ratings is stable. The ratings reflect our view of the county's: Location within the Memphis metropolitan statistical area (MSA), which boosts employment opportunities as well as wealth and income indicators; Diverse economic base that is demonstrating growth along several key employment sectors; Strong financial management, including institutionalized policies to support consistent financial results and a demonstrated willingness to monitor the budget; and Moderate overall debt burden. Partly offsetting...

Companies mentioned in this report are: Shelby Cnty
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Shelby Cnty

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