- Language: English
- Published: December 2012
- Region: Texas
Summary: Clarendon, New York; General Obligation Feb 13
- ID: 2394131
- February 2013
- Region: New York
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'A' rating and stable outlook to Clarendon, N.Y.'s series 2013 public improvement general obligation (GO) refunding bonds. The rating reflects our opinion of the town's: Stable residential economy with direct access to Rochester, as well as good-to-adequate income; Adequate financial performance, including strong available general fund balance reserves on a percent basis, albeit nominally thin, coupled with substantial highway fund reserves, providing some financial flexibility; and Low-to-moderate debt with limited additional capital needs. We believe a rural and agricultural local economy that has, what we consider, above-average unemployment somewhat mitigates these strengths. The town's full-faith-and-credit pledge secures the bonds. Officials intend to use bond proceeds to refund previously issued GO debt originally issued...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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