Bangkok--24 Apr--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Centerville City, Utah's series 2009 sales tax and revenue bonds. The outlook is stable.
"The rating reflects the city's good access to the broader Salt Lake City metropolitan area, combined with above-average incomes," said Standard & Poor's credit analyst Matthew Reining. "Due to retail expansion in the city, pledged local sales and use taxes have grown by a 7.7% average annual rate in the last five years including audited 2008." The city also has what we consider good 1.9x coverage of maximum annual debt service using pledged local sales and use tax revenues for fiscal 2008.
Bond proceeds will be used to finance the construction of a community theater in Centerville City.
Centerville City is located in southern Davis County, 14 miles north of Salt Lake City, and has a population of 16,500.
RELATED RESEARCH
USPF Criteria: "Special Tax Bonds," June 13, 2007
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
Paul Dyson, San Francisco (1) 415-371-5079
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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Americas Customer Service: (1) 212-438-7280
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