Research Update: Rating On Regional Municipality of Durham Affirmed At 'AAA' On Low Tax-Supported Debt And Strong Liquidity Mar 12
- Language: English
- Published: March 2012
Standard & Poor's Ratings Services assigned its 'AAA' rating and stable outlook to Durham, N.C.'s series 2012A-2012D general obligation (GO) bonds and affirmed its 'AAA' rating, with a stable outlook, on the city's existing GO debt. Standard & Poor's also affirmed its 'AA+' rating, with a stable outlook, on the city's appropriation-backed debt. The 'AAA' rating reflects our opinion of the city's: Substantial and diverse economy, bolstered by the adjacent Research Triangle Park; Stable property tax base, coupled with good income; Continued strong finances despite budget stress during the recession; and Debt that, while rising, remains moderate with the rapid amortization of existing debt. Durham's full-faith-and-credit GO pledge secures the bonds. Officials intend to use series 2012A, 2012B, and 2012C...
Companies mentioned in this report are: Durham
Action: New Rating
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Research Type: Full Analysis