Summary: Shelby County, Tennessee; CP; General Obligation; Liquidity Facility Apr 08
- ID: 2052974
- April 2008
- Region: Tennessee
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'AA+/A-1+' rating and stable outlook to Shelby County, Tenn.'s series 2008B general obligation (GO) variable-rate demand refunding bonds. At the same time, Standard & Poor's affirmed its 'AA+' long-term rating and 'AA+' underlying rating (SPUR) on the county's outstanding GO debt. The 'AA+' ratings reflect the county's: Diversified and expanding economic base; Strong financial management practices; and Recent restoration and maintenance of general fund stability and good reserve levels. These strengthens are moderated by an above-average overall net debt burden. Officials will use bond proceeds to refund a portion of the county's bonds outstanding, lowering borrowing costs. The 'A-1+' short-term rating is based on a standby bond purchase agreement (SBPA) provided by Dexia...
Companies mentioned in this report are:
- Shelby Cnty
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. SHOW LESS READ MORE >