Summary: Shelby County, Tennessee; CP; General Obligation Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Shelby County, Tenn.'s series 2011A general obligation refunding bonds. In addition, we affirmed the 'AA+' long-term rating and underlying rating (SPUR) on the county's parity general obligation (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 proactively monitor the budget; The above credit strengths are partially offset by our view of the county's elevated...

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.

Shelby Cnty

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