Bangkok--13 Mar--Standard & Poor's
Standard & Poor's Ratings Services has assigned its 'A+' issuer credit rating to San Miguel County Public Library District No. 1, Colo.'s GO library refunding bonds. The outlook is stable.
"In our opinion, the rating reflects a diverse residential tax base with strong growth in and around one of the most prestigious ski resorts in the state," said Standard & Poor's credit analyst Timothy Barrett. The district's extremely high income and wealth levels on a per capita basis and low debt levels as a percent of market value with no additional debt plans also support the rating.
Mitigating factors include the district's limited revenue flexibility for a district almost totally dependent on property taxes, operating under a 2.9 mill levy allowance with voter approval required for an increase to the mill levy. Also, the local economy is concentrated in the tourism industry and isolated from major population centers relative to other ski resorts in the state.
The bonds are secured by the authority to levy unlimited ad valorem taxes on property within the district to meet debt service requirements. Proceeds were used to refund the district's 1998 GO library bonds.
The stable outlook reflects our expectation of a stable residential tax base providing the majority of revenues to pay debt services. It also reflects our expectation of continued good reserve levels, given the district's limited revenue flexibility.
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:
Timothy Barrett, New York (1) 212-438-6327
David G Hitchcock, New York (1) 212-438-2022
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]