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Summary: Sandy City, Utah; Sales Tax Feb 12
Standard & Poors, February 2012
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Sandy City, Utah's series 2012 sales tax revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city's sales tax revenue bonds. The outlook is stable. The ratings reflect our view of the city's: Local economy supported by very strong income indicators; Very strong historical and projected maximum annual debt service (MADS) coverage; and Strong 2x additional bonds test. Securing the bonds is a first lien on pledged city sales tax revenues. The city currently levies a local sales tax at the rate of 1%. Sales taxes for cities in Utah are collected by the Utah State Tax...
Companies mentioned in this report are:
- Sandy City
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.
- Sandy City