Bangkok--17 Mar--Standard & Poor's
Standard & Poor's Ratings Services has assigned its 'AA-' standard long-term rating to Grant County, Wis.' $4.64 million series 2009 general obligation (GO) refunding bonds. The outlook is stable.
The rating reflects the county's stable local economy centered on agriculture and farm-related manufacturing, with access to the more diverse Dubuque, Iowa area economy; adequate income levels, as measured by per capita and median household effective buying income; maintenance of very strong financial reserves; and low overall net debt burden with limited future capital needs.
"We expect that the county will maintain its strong financial operations, in spite of operating under the levy cap, with the help of tax base growth," said Standard & Poor's credit analyst Kathryn Horan. The county's proximity to the Dubuque area economy provides further stability to the rating.
The county will use bond proceeds to refund its series 1998 housing revenue bonds, which were issued for the county's nursing home facility. The county's full faith and credit GO pledge secures the bonds.
Grant County is located in the southwest corner of Wisconsin, bordered by the Mississippi and Wisconsin rivers, approximately 75 miles west of Madison and 30 miles north of Dubuque. The county encompasses approximately 1,144 square miles and serves an estimated 2008 population of 49,623. The county seat, Lancaster, is located in the center of the county and has 321 full time employees.
Complete ratings information is available to RatingsDirect subscribers atwww.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:
Kathryn Horan, Chicago (1) 312-233-7023
John Kenward, Chicago (1) 312-233-7003
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]