Summary: Shelby Cnty, TN; General Obligation, Local GO Feb 99

Standard & Poors, February 1999

Abstract
The rating on Shelby County, Tenn's bonds are secured by a full faith and credit ad valorum tax pledge of the county. The rating reflects: Strong financial management and performance; A diversified economy with steady growth; Modest growth of the significant tax base; and A manageable debt burden. The variable-rate bonds are issued in the Dutch Auction/Daily mode, meaning that if bond holders exercise their put option, the bonds are resold at auction. There is no liquidity facility and bond holders irrevocably commit to hold the bonds for the next succeeding auction period if there are insufficient bids or a failed auction. In the event of a failed auction, a default rate of 225% of the PARS Index, not to...

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

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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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