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Shelby County, Tennessee; Tax Secured, General Obligation; Tax Secured, Note Jul 04 Product Image

Shelby County, Tennessee; Tax Secured, General Obligation; Tax Secured, Note Jul 04

  • Published: July 2004
  • Standard & Poors

FEATURED COMPANIES

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Shelby County, Tenn.'s series 2004 TANs. The rating reflects the county's: Strong long-term general creditworthiness ('AA+' GO debt rating); Sound 1.37x projected cash coverage of the notes at maturity by combined general and debt service funds and a solid 1.60x projected cash coverage at maturity by combined general, debt service, and internally available funds; Projected $30.79 million general fund cash balance at fiscal year-end 2004, or a strong 9.6% of projected fiscal 2004 general fund expenditures; and Adopted fiscal 2005 budget, which reflects a $1.077 million general fund operating surplus. The 'AA+' GO debt rating reflects the county's: Diversified, expanding economic base; Moderate overall debt levels; and Substantial capital...

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

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Shelby Cnty

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