[MLT] 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
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 the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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