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

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

  • Published: March 2007
  • Region: Virginia
  • Standard & Poors

FEATURED COMPANIES

  • Newport News
  • Newport News Sch Brd
  • Peninsula Arpt Com
  • MORE

Abstract
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
- Peninsula Arpt Com
- Newport News Sch Brd

Action: New Rating

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- Newport News
- Peninsula Arpt Com
- Newport News Sch Brd

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