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Summary: Clarendon, New York; General Obligation Feb 13 Product Image

Summary: Clarendon, New York; General Obligation Feb 13

  • ID: 2394131
  • February 2013
  • Region: New York
  • Standard & Poors

Abstract
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:
- Clarendon

Action: New Rating
Action: Outlook: Stable

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