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
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. SHOW LESS READ MORE >