Bangkok--20 Jul--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Clinton City, Utah's sales tax revenue bonds, series 2009. The outlook is stable.
"According to management, residential and commercial development earlier in the decade drove a greater volume of retail sales transactions, with average annual pledged revenue growth of 29% from 2003 to 2007," said Standard & Poor's credit analyst Jen Hansen. "Despite the economic downturn, the city is experiencing recent new retail development and the median household income remains strong."
The bonds are being issued to refund the city's privately placed 2007 bond issuance.
Clinton City covers approximately 6.25 square miles and is located about 30 miles north of Salt Lake City. Its population is approximately 22,000.
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:
Jennifer Hansen, San Francisco (1) 415-371-5035
Misty Newland, San Francisco (1) 415-371-5073