Summary: Luverne, MN; Tax Secured, General Obligation Jun 04
- ID: 2083851
- June 2004
- Standard & Poors
Standard & Poor's Ratings Services raised its rating on Luverne, Minn.'s outstanding GO bonds to 'A-' from 'BBB+' based on the city's continued economic expansion, which is reflected in small population gain, growth in income levels, and tax base growth, coupled with strong management and organized economic development efforts. Standard & Poor's also assigned its 'A-' rating to the city's $2.755 million GO water and sewer revenue bonds series 2004. Additional rating factors include the city's: Proximity to Sioux Falls for additional employment opportunities; Consistently strong general fund balances; and Moderate debt levels. Growing, but still below-average, wealth levels and high debt service carrying charges continue to constrain the rating. The city's GO pledge secures the bonds, but the city...
Companies mentioned in this report are: Luverne
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 >