Fitch Rates State of Mississippi $100MM GO Tax Credit Bonds 'AA'; Stable Outlook.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 fitch: see polecat. assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees. The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of an 'AA' rating to the State of Mississippi's $100 million general obligation (GO) gulf tax credit bonds, series 2006. The bonds are expected to sell as early as Oct. 12 through negotiation with Bear, Stearns & Co. Inc. The bonds are due Oct. 30, 2008. Fitch also affirms the 'AA' rating on the state's outstanding $3 billion of GO bonds. The Rating Outlook is Stable. The 'AA' rating and Stable Outlook are based on a diversifying economy, conservative borrowing and financial practices tempered by low education and wealth levels. Hurricane recovery is underway and while it still presents challenges and uncertainties, Fitch anticipates continued rebuilding and recovery. The bonds are being issued pursuant to the 2005 federal gulf opportunity zone legislation. Instead of interest, holders of the bonds will receive federal tax credits. Proceeds will be used to make state debt service payments in fiscal 2007. The state intends to use the funds freed up as a result of this transaction to assist local governments affected by Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. .
While overall state employment growth is gaining momentum, jobs in the most heavily impacted area of the state are still down by more than 15% since the August 2005 storm. Statewide, June 2006 jobs were up less than 0.4% from one year ago, with an 8,300-job decline (negative 6.4%) in leisure offset by both a 5,200-job increase (up 10%) in construction and modest gains in service sectors. Gulfport-Biloxi employment is down 15.5%, representing slow improvement from its nearly 20% drop in January. Income growth has equaled or exceeded the nation for the past three quarters, after falling short of the U.S. in 2004 and 2005. Revised per capita income Noun 1. per capita income - the total national income divided by the number of people in the nation income - the financial gain (earned or unearned) accruing over a given period of time of $24,925 is just 72.3% of the U.S., ranking it 49th. Damage from the hurricane is a key feature of the state's credit, and will remain so as the state rebuilds over the next several years. Hurricane Katrina caused broad destruction to coastal areas which made up about 15% of the state's population and employment base. Casinos A list of casinos. Antigua and Barbuda
Revenue impact from the hurricane was more modest than expected, even with the destruction of several casinos, which had provided growing revenue. After the storm the state prudently lowered fiscal 2006 revenue estimates, yet all major revenues ultimately exceeded original predictions by over $300 million. Unaudited fiscal 2006 results show general fund revenues of $4.33 billion, up nearly 13% over fiscal 2005. 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. revenue was up 17%, income tax up 7%, and corporate income tax up 14% over 2005. The state closed fiscal 2006 with an unaudited cash balance of $245 million, up from $22.6 million in the previous year. Revenue projections for fiscal 2007 are conservative, with revenues needing only to grow 3.4% to meet the budget. The state's net tax supported debt of $3.2 billion (including this issue) is a moderate burden on resources at 4.4% of revised 2005 personal income and $1,104 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. . Debt is nearly entirely GO and amortization is at an above-average clip. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion