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Summary: Shelby County, Tennessee; CP; General Obligation; Liquidity Facility Apr 08 Product Image

Summary: Shelby County, Tennessee; CP; General Obligation; Liquidity Facility Apr 08

  • ID: 2052974
  • April 2008
  • Region: Tennessee
  • Standard & Poors

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

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