Bangkok--20 Aug--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to Hill County, Mont.'s general obligation (GO) refunding bonds series 2009.
The 'AA-' rating reflects our view of the county's primarily agriculture-based local economy situated in north central Montana, historically very strong reserve levels that reflect very low volatility, and very low debt burden.
Offsetting the foregoing strengths are a moderately concentrated tax base with some sector concentration among the top 10 taxpayers and a limited economy.
The bonds are general obligations of the county payable from the proceeds of an unlimited ad valorem tax, which the county covenants to levy annually on taxable property within the county. The bond proceeds will be used to refund the series 1997 GO bonds.
"We expect that the county will continue its conservative management practices and maintain healthy reserves going forward," said Standard & Poor's credit analyst Li H. Yang.
Hill County is located in north central Montana and encompasses roughly 2,927 square miles, with an estimated population of 16,400. Agriculture and mineral extraction are among the dominant industries in the county.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Li H Yang, San Francisco 1-415-371-5024
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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