Provo City, UT GO Rating Raised To #AA+# On Growing Tax Base And Market New Debt Rated #AA+#

Stocks and Financial Services Press Releases Thursday September 14, 2017 09:10
SAN FRANCISCO--14 Sep--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Sept. 13, 2017--S&P Global Ratings raised its long-term rating to 'AA+' from 'AA' on Provo City, Utah's existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its 'AA+' long-term on the city's series 2017 GO refunding bonds. The outlook is stable.

"The rating action reflects our view of the city's strengthening local economy, demonstrated by the city's growing tax base and higher market value per capita figures in fiscal 2017," said S&P Global Ratings credit analyst Li Yang.

The continued residential and commercial development within the city are likely to result in continued growth in the city's tax base, in our view.
The series 2017 bond proceeds will be used to refund the city's existing   series 2011 GO bonds.

The stable outlook reflects our view of the city's very strong flexibility and liquidity scores as well as its growing revenue streams, which should enable management to maintain the very strong available general fund balance. We do not expect to change the rating during the next two years.

Latest Press Release

Fitch: Thailand#s New Beverage Excise Tax to Hit Beer Harder

Thailand's new Excise Tax Act will have a greater impact on local beer producers than domestic spirits producers as the beer market is more competitive and demand is sensitive to prices, says Fitch Ratings. The producers of non-alcoholic beverages will...

mai welcomes Sermsang Power Corporation on September 27

Market for Alternative Investment (mai) will list Sermsang Power Corporation pcl, a holding company investing in solar power production and distribution, on September 27, under the ticker symbol "SSP". The company has a market capitalization at its...

Spain-Based Kutxabank Ratings Raised To #BBB/A-2# On Improving Capi Outlook Positive

MADRID (S&P Global Ratings) Sept. 26, 2017--S&P Global Ratings said today that it raised its long- and short-term counterparty credit ratings on Spain-based Kutxabank S.A. to 'BBB/A-2' from 'BBB-/A-3'. The outlook is positive. The upgrade mainly...

Material-Handling Equipment Maker KION Outlook Revised To Positive On Expected Further De Affirmed At #BB+#

FRANKFURT (S&P Global Ratings) Sept. 26, 2017--S&P Global Ratings said today that it had revised its outlook on German material-handling equipment manufacturer KION GROUP AG to positive from stable and affirmed the 'BB+' long-term corporate...

CK Hutchison#s Proposed Guaranteed U.S. Dollar-Denominated Notes Assigned #A-# Rating

HONG KONG (S&P Global Ratings) Sept. 26, 2017--S&P Global Ratings said today that it had assigned its 'A-' long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by CK Hutchison International (17) (II) Ltd....

Related Topics