Summary: St. Bernard Parish, Louisiana; Sales Tax Jun 12

Standard & Poors, June 2012

Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to St. Bernard Parish, La.'s series 2012 sales tax refunding bonds and affirmed its 'A' underlying rating (SPUR) on the parish's existing sales tax revenue bonds. The outlook is stable. The 'A' rating reflects our view of the parish's: Continued increase in population and sales tax-generating activity; Strong coverage of maximum annual debt service (MADS); and Bond provisions that include a closed senior-lien and a 1.35x average annual debt service additional bonds test. Offsetting these strengths, in our opinion, are the parish's: Moderately concentrated sales tax revenue base; and Adequate wealth and income indicators. The bonds are secured by the revenues derived from three separate one-half percent sales taxes that...

Companies mentioned in this report are: St. Bernard Parish
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

St. Bernard Parish

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