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Summary: Newport News, VA; General Obligation, Local GO Aug 98 Product Image

Summary: Newport News, VA; General Obligation, Local GO Aug 98

  • ID: 2084841
  • August 1998
  • Standard & Poors

Abstract
The upgrade on Newport News, Va.'s bonds reflects the continued economic diversification while maintaining strong financial operations. Other rating factors include the city's role as a major participant in the Hampton Roads regional economy. Rating concerns include an increasing debt due to additional issuance of moral obligation bonds. The city (population 183,185) is traversed or in close proximity to four major interchanges that connect the Hampton Roads region to national and international commerce. The city's economy has historically been dominated by the Newport News Shipbuilding Co., but its dependence on the shipbuilder has waned as other companies relocate to the city. Lost manufacturing jobs are being replaced in the services (26%) and trade (14%) sectors while government employment remains stable...

Companies mentioned in this report are:
- Newport News

Action: Affirmed

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