Bangkok--4 Jun--Standard & Poor's
Standard & Poor's Ratings Services said it raised its ratings on the general obligation bonds issued by 16 municipalities in eastern U.S. states that have been previously constrained by their small size or remote location.
"These upgrades reflect our ongoing review of issuers for whom the significance of their small size and more-remote location has lessened in our analysis," said Standard & Poor's credit analyst Linda Yip. "It also reflects our view that many municipalities in these states have maintained stable financial positions despite weak financial markets and the recession. We believe that stability and sound management practices characterize many governments and that most will successfully manage though current conditions."
The upgraded municipalities are: Bucksport, Maine; Fulton, Leroy Village, Livonia Village, Seneca County, Seneca Falls Village; N.Y.; Dare County, Elkin, Hamlet, Hertford County, N.C.; Aspinwall Borough, Franklin County, Patterson, Summit Hill Borough, West View Borough, N.C.; and King George County, Va.
For more information on each issuer, see the article, "Criteria Revision And Financial Stability Lead To Higher Ratings For 16 Small And Rural Eastern U.S. Municipalities," published today on RatingsDirect.
RELATED RESEARCH
-- "Key General Obligation Ratio Credit Ranges — Analysis Vs. Reality," April 2, 2008
-- "Does Bigger Always Mean Better? Sizing Up The Impact Of Size On Municipal Ratings," April 22, 2008
-- "Location, Location, Location: What Does It Mean For My Community's Rating?," April 22, 2008
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Linda Yip, New York (1) 212-438-2036
Jesse Brady, New York (1) 212-438-7944
Karl Jacob, New York (1) 212-438-2111