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Summary: Auburn, Alabama; General Obligation Aug 12
Standard & Poors, August 2012
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: New Rating
Action: Outlook: Stable
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