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• Moody's Investors Service Municipal Credit Research <br /> - Global Credit Research Published 27iMar 2001 <br /> St. Anthony (City of) MN <br /> Contacts <br /> Jerry Caden 212-553-0329 <br /> Linda Ebrahim 212-553-4132 <br /> Nicole Johnson 212-553-4573 <br /> Moody's Rating <br /> Issue Rating <br /> General Obligation Improvement Bonds, Series 2001 B Al <br /> Sale Amount $1;160,000 <br /> Expected Sale Date 03/27/01 <br /> Rating Description General Obligation <br /> MOODY'S ASSIGNS Al RATING TO ST.:ANTHONY (MN) G. O. BONDS, SERIES <br /> • 20016 <br /> $11 MILLION DEBT AFFECTED <br /> Opinion <br /> Moody's Investors Service has assigned an Al rating, with a stable outlook, to the City of <br /> St. Anthony, MN's $1,160,000 General Obligation Improvement Bonds, Series 2001 B. <br /> The rating reflects the city's steadily expanding tax base in a favorable location near the <br /> Twin Cities, manageable debt burden, and trend of satisfactory finances. We also affirm <br /> the Al rating on the city's$9.9 million of outstanding general obligation debt. Proceeds <br /> from this issue, supported by special assessments and secured by the city's general <br /> obligation, unlimited tax pledge, will finance street, water and sewer improvements. <br /> FAVORABLE LOCATION IN METRO AREA; CITY POSSESSES STRONG WEALTH <br /> INDICES <br /> Moody's expects the economy to remain strong for this affluent, mature, mostly <br /> residential, first-tier suburb located within Hennepin County (Aaa) mainly due to its <br /> proximity to the Twin Cities metropolitan area. The city's small, primarily residential, tax <br /> base of$443 million has been experiencing modest growth over the last five years <br /> reflecting in part some new commercial development. Similar to many mature cities, the <br /> population has declined since 1970, although the state estimate for 1999 shows a 8% <br /> jump since 1990. Wealth levels have historically been well above the state average. <br /> Ample employment opportunities are reflected in low county unemployment rates of 2.2% <br /> in October 2000, compared to the state average of 2.4%. <br /> • MANAGEABLE DEBT LEVELS WITH MODEST FUTURE BORROWING PLANS <br />