Bangkok--18 Mar--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Tualatin Hills Park and Recreation District, Ore.'s series 2009 general obligation (GO) bonds. The outlook is stable.
"In our view, the district is well positioned to navigate the current recession due to an under-assessment cushion that reduces the potential for revenue pressure, frequent financial performance monitoring, and adopted fee adjustments that are linked to long-term financial goals," said Standard & Poor's credit analyst Chris Morgan. "Our opinion reflects the possibility that the recession could deepen, with difficult-to-forecast effects on service demand, but we believe that the nature of the district's service mission provides a measure of expenditure flexibility -- the district potentially can reduce services that are not cost effective to a greater degree than local governments generally -- and we do not anticipate credit quality to deteriorate provided that the district is able to adjust its budgets in line with its financial policies."
Proceeds will fund a mix of property acquisition, parks development, and facility upgrades.
Covering a 55-square-mile area that encompasses the City of Beaverton and a surrounding suburban area, the district serves a growing population of 228,026.
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Chris Morgan, San Francisco (1) 415-371-5032
Lisa Schroeer, San Francisco (1) 415-371-5006
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]