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Newport News, Virginia; Appropriations; General Obligation; Moral Obligation Mar 07

  • ID: 2085107
  • March 2007
  • Region: Virginia
  • Standard & Poors
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  • Newport News
  • Newport News Sch Brd
  • MORE

Standard & Poor's Ratings Services assigned its 'AA' rating to Newport News, Va.'s GO general improvement bonds series 2007A and 2007B. The 'AA' rating reflects the city's: Participation in the deep and diverse Hampton Roads regional economy; Diversifying local economy, with Northrop Grumman Corp.'s Newport News Shipyard as the anchor; Steady property tax base growth, with fiscal 2006 assessed value (AV) at more than $12 billion; and Strong financial operations, supported by prudent fund balance and debt policies. Offsetting factors include the city's: Below-average income levels, which are, however, trending upwards and offset by a lower cost of living; and Large, but manageable, $218 million five-year capital improvement program (CIP). The bonds will be secured by the city's GO pledge....

Companies mentioned in this report are:
- Newport News
- Newport News Sch Brd

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

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- Newport News
- Newport News Sch Brd

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