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Summary: Newport News, VA; Tax Secured, General Obligation Sep 02

  • ID: 2085345
  • September 2002
  • Standard & Poors

The 'AA' rating on the city of Newport News, Va.'s GO general improvement bonds, GO water bonds, and refunding bonds reflects: Participation in the deep and diverse Hampton Roads regional economy, A diversifying local economy with Northrop-Grumman Newport News Shipyard as the anchor, Steady tax base growth with the fiscal 2003 assessed value (AV) projected to exceed $9.2 billion, and Strong financial operations supported by prudent adopted fund balance and debt policies. Offsetting factors include: Low income levels; Increasing debt levels; and A large, but manageable, five-year capital improvement program (CIP). The bonds are secured by the city's full faith and credit pledge. Newport News (population 180,150) is located in southeast Virginia. The city's economy centers on Northrup-Grumman Newport News...

Companies mentioned in this report are:
- Newport News

Action: New Rating

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- Newport News

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