Summary: Auburn, Alabama; General Obligation Aug 12

Standard & Poors, August 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating and stable outlook to Auburn, Ala.'s series 2012B general obligation (GO) refunding bonds and series 2012B GO refunding and capital improvement warrants and affirmed its 'AA+' rating, with a stable outlook, on the city's existing GO debt. The rating reflects our opinion of Auburn's: Stable economy, anchored by Auburn University; Recent success in broadening the economy beyond opportunities presented by the university; Historically very strong finances, evidenced by very strong reserves, coupled with strong management; and Revenue-raising flexibility from its three leading revenue streams. We believe Auburn's growth-related additional capital needs and elevated carrying charges somewhat offset these credit strengths. The city's full-faith-and-credit pledge secures the series 2012-B GO refunding bonds...

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

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.

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.

Auburn

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