Bangkok--24 Feb--Standard & Poor's
Standard & Poor's Ratings Services has assigned its 'AA-' standard long-term rating to the city of Alexandria, Minn.'s $1.19 million series 2009A general obligation (GO) tax abatement bonds. The outlook is stable.
The rating reflects, in Standard & Poor's opinion, the city's status as a regional trade center, very strong reserve levels, and moderate overall debt burden.
Standard & Poor's believes the city's adequate income levels to be a limiting rating factor.
"We expect that the city will maintain balanced operations and strong reserve levels," said Standard & Poor's credit analyst Steffanie Dyer. The city's status as regional center also lends stability to the rating.
The city's unlimited-tax GO pledge secures the bonds. Bond proceeds will fund improvements to the city's ice arena along with capitalized interest.
Alexandria (county seat) is located in north central Minnesota in Douglas County approximately 130 miles northwest of the Minneapolis-St. Paul metropolitan area on Interstate 94. The 14-square-mile city has seen increases in population, rising by 30.2% from the last census to an estimated 11,481 in 2007.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Steffanie Dyer, Chicago (1) 312-233-7007
John Sauter, Chicago (1) 312-233-7027