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Lockport, IL GO Bond Rating Raised To 'AA' On Strong Tax Base Growth Nov 08 Product Image

Lockport, IL GO Bond Rating Raised To 'AA' On Strong Tax Base Growth Nov 08

  • Published: November 2008
  • Standard & Poors

Abstract
CHICAGO (Standard & Poor's) Nov. 18, 2008--Standard & Poor's Ratings Services has raised its standard long-term rating on Lockport, Ill.'s general obligation (GO) bonds to 'AA' from 'AA-', reflecting the city's strong tax base growth, which is enhanced by the recent opening of two new tollway intersections in the city, and maintenance of very strong reserves. At the same time, the rating service assigned its 'AA' standard long-term rating to the city's $2.305 million GO limited-tax bonds series 2008. Other credit factors are the city's participation in the Chicago, Ill. metropolitan area's deep and diverse economy, strong income levels, and low overall debt burden with very rapid amortization. "We expect that the city will maintain at least balanced financial operations...

Companies mentioned in this report are:
- Lockport

Action: New Rating
Action: Outlook: Stable
Action: Upgraded

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 READ MORE >

Lockport

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