Fitch Rates New Hampshire's $75MM GOs 'AA'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns an 'AA' rating to the State of New Hampshire's $75 million general obligation (GO) refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. 2005 series C. The bonds are expected to be sold competitively on Dec. 6. Fitch also affirms the 'AA' rating on approximately $633.7 million outstanding GO bonds. New Hampshire's 'AA' rating is based on its strong and resilient economy, an excellent debt position, and the state's improving financial performance, offset by its slim reserves and dependence on volatile taxes. Job and income growth is exceeding the nation, and following several years of operating deficits earlier in the decade, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). closed fiscal 2004 and 2005 with moderate surpluses. Due to its tax structure, the state's financial operations reflect its economy less directly than most states. In the absence of a general sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. and a personal income tax, reliance is on volatile business taxes that make up 23.1% of projected $2.13 billion in fiscal 2006 total revenues. Real estate transfer taxes have nearly doubled since fiscal 2001 and now comprise 8.1% of revenues. Over 12.5% of the projected revenues are expected to be received from either state-owned liquor stores or tobacco taxes, which were recently increased. The statewide property tax is solely used for education. Following several years of operating deficits, fiscal 2004 results showed a $15 million surplus. Unrestricted revenues grew by just 0.5% in fiscal 2005, largely due to a reduction in the statewide property tax rate. Preliminary fiscal 2005 results yielded a $66.9 million surplus, which when added to the $17.3 in the stabilization fund Stabilization fund may refer to:
New Hampshire has shown economic strength both in its recovery from recessions and its current expansion. Employment peaked in 2001, declined 2% through 2003, before recovering to gain 1.4% in 2004. Gains have accelerated through 2005, and September employment was 2.2% above September 2004. Unemployment remains well below the national rate at 3.8% in September. Personal income grew rapidly during the 1990s and at $36,676 is 111% of the U.S. and ranks sixth highest among the states. New Hampshire has an excellent debt position. Including this issue, net tax-supported debt amounts to $717 million, equal to $552 per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. , 1.5% of personal income, all low ratios. Retirement is rapid with 72% due in 10 years. Commercial paper, limited to $50 million, has been used for bond anticipation purposes; none is currently outstanding. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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