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Summary: Pell City, Alabama; General Obligation Mar 12

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Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to Pell City, Ala.'s series 2012-B general obligation (GO) refunding warrants and 2012-C taxable general obligation warrants. At the same time, Standard & Poor's affirmed its 'AA-' rating on the city's GO debt outstanding. The outlook is stable. The rating reflects what we view as Pell City's: Position as Saint Clair County's largest city and principal economic center; Strong market value per capita; and Historically strong fiscal position, including multiyear operational surpluses and the maintenance of sound reserves. Offsetting these credit factors, in our opinion, are the city's: High debt carry charges, coupled with extended amortization schedule; and Concentrated sales tax base, with the top 10 sales taxpayers accounting for 50%...

Companies mentioned in this report are: Pell City
Action: Affirmed
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.

Companies Mentioned

Pell City

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Summary: Pell City, Alabama; General Obligation Mar 12

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Summary: Pell City, Alabama; General Obligation Mar 12

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