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

PT Bank Rakyat Indonesia Outlook Revised To Positive On Resilient Asset #BB+/B# Ratings Affirmed

SINGAPORE (S&P Global Ratings) Nov. 17, 2017--S&P Global Ratings today revised its outlook on PT Bank Rakyat Indonesia (Persero) Tbk. (BRI) to positive from stable. At the same time, we affirmed our 'BB+' long-term and 'B' short-term issuer...

Photo Release: ACMF Conference on Regional Connectivity for Sustainable Growth

Executives of ASEAN capital market regulators attended the ASEAN Capital Markets Forum (ACMF) Conference 2017 under the theme, ""Strengthening ASEAN Capital Market Connectivity,"" highlighting ACMF's concerted efforts towards regional collaboration for...

MyState Bank Ltd. Ratings Lowered To #BBB-/A-3#, Then Withdrawn At Issuer#s Request

MELBOURNE (S&P Global Ratings) Nov. 17, 2017--S&P Global Ratings today said it has lowered its long-term issuer credit rating on Tasmania-based MyState Bank Ltd. (MSB) to 'BBB-' from 'BBB' and its short-term issuer credit rating to 'A-3' from...

Iceland-Based Islandsbanki#s Proposed Tier-2 Subordinated Notes Rated #BBB-#

STOCKHOLM (S&P Global Ratings) Nov. 17, 2017--S&P Global Ratings today said that it has assigned its 'BBB-' long-term issue rating to the proposed Swedish krona-denominated tier-2 nondeferrable, subordinated notes of Islandsbanki hf...

Prudential appoints Aman Kapoor as Thailands new CMO

Prudential Life Assurance (Thailand) Public Company Limited (PLT) has appointed Aman Kapoor as Chief Marketing Officer. As CMO, Aman will be responsible for leading the development and delivery of the commercial and customer marketing strategy to support...

Related Topics