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
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