MOODY'S RAISES ALLEGHENY COUNTY, PA. RATING TO 'A1'
MOODY'S RAISES ALLEGHENY COUNTY, PA. RATING TO 'A1' NEW YORK, Aug. 14 /PRNewswire/ -- Effective today, Moody's Investors
Service revised the rating on Allegheny County's general obligation bonds to 'A1' from 'A'. The rating change occurred in conjunction with the sale of $83,400,000 general obligation bonds, Series C-39 and general obligation refunding bonds, Series C-40 expected through negotiation on Aug. 19.
The rating upgrade is attributable to the county's favorable economic trends and strong financial performance. Growing economic diversity, in contrast with the previous dependence on heavy industry that had long been the economic base on the Pittsburgh area, has enabled Allegheny County to withstand the adverse effects of the recession, current unemployment levels below those of the Commonwealth and the nation. The county benefits from strong fiscal monitoring and control mechanisms as well as effective long-range planning. After the current offerings, the county will have $498,000,000 in general obligation bonds outstanding. -0- 8/14/92 /CONTACT: Craig Atwater, vice president-MidAtlantic region, 212- 553-0327, or Michael Johnston, vice president/manager-MidAtlantic region, 212-553-7810/ CO: ST: Pennsylvania IN: SU: RTG
TM-AH -- NY072 -- 0168 08/14/92 16:35 EDT
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|Date:||Aug 14, 1992|
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