Columbus, Ohio; Tax Secured, General Obligation Aug 05

Standard & Poors, August 2005

Abstract
The 'AAA' rating on Columbus, Ohio's limited-tax GO refunding bonds series 2005C reflects the city's: Large and diverse economic base, including a significant governmental component; Buildup of large reserves in the general fund and special revenue fund, which is now helping mitigate against weak income tax collections and the drawdown of these reserves; Moderate tax-supported debt burden; and Well-managed capital improvement program, which continues to address ongoing capital needs while maintaining strong debt service coverage levels. In 2005, Columbus continues to see economic expansion as evidenced by year-to-date income tax collections through July that are up 4.36% from July 2004. Columbus saw income tax collections grow 4.52% in 2004 over 2003, a sign its economy is in full recovery mode....

Companies mentioned in this report are: Columbus
Action: New Rating

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.

Research Type: Full Analysis

Columbus

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