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.

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