Summary: Hermitage, Pennsylvania; General Obligation; General Obligation Equivalent Security Mar 12

  • ID: 2088645
  • March 2012
  • Region: Pennsylvania
  • Standard & Poors
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Standard & Poor's Ratings Services has assigned its 'A+' long-term rating to Hermitage, Pa.'s series 2012A general obligation bonds and affirmed its 'A+' ratings on the city's existing debt. The outlook is stable. The ratings reflect our opinion of the city's: Limited local employment base in a shallow regional economy; Good income levels; Good unreserved fund balance, relative to a small budget; and Moderate debt burden with limited additional debt needs. The above strengths are mitigated, in our opinion, by the city's: Limited local economy with adequate but below-average wealth levels; and Nominal fund balance levels. The city's full faith and credit pledge secures the bonds. The city will use the bond proceeds to fund various capital projects as well...

Companies mentioned in this report are: Hermitage
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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