Bangkok--13 Mar--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' long-term rating to the City of Newport, Ore.'s general obligation bonds, series 2009A. The outlook is stable.
"The rating reflects our opinion of the city's still-strong property tax base, the value of which is bolstered by second-home owners. Additionally, the city has local economy that is closely tied to the fishing and tourist-based industries," said Standard & Poor's credit analyst Lisa Schroeer. "The rating is further supported by recently improved finances."
The city does not have any near to medium term plans for additional general obligation debt plans.
The City of Newport is located in Lincoln County, Ore., on the Pacific Coast. According to management, the area has attracted many second home buyers and is an attractive area for tourists. The area economy is connected to the fishing industry, with commercial and recreational fishing as well as seafood processing. Other major employers are in the education, government, and health industries.
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Lisa Schroeer, San Francisco (1) 415-371-5006
Le T Quach, San Francisco (1) 415- 371-5013
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]