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MoocWs Investors Service Municipal Credit Research <br /> New <br /> Global Credit Research Published 4 Mar1ssue 2002 <br /> St. Anthony (City of) MN <br /> Contacts <br /> Jonathan North 212-553-1064 <br /> Yasmine Mandavi 212-553-7213 <br /> James Mintzer 212-553-7437 <br /> Moody's Rating <br /> Issue Rating <br /> General Obligation Improvement Bonds, Series 2002A Al <br /> Sale Amount $1,500,000 <br /> Expected Sale Date 03/12/02 <br /> Rating Description General Obligation Unlimited Tax <br /> MOODY'S ASSIGNS AN Al RATING TO THE CITY OF ST. ANTHONY'S (MN) <br /> GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002A <br /> $10.69 MILLION OF DEBT AFFECTED <br /> Opinion <br /> Moody's Investors Service has assigned an Al rating to the City of St. Anthony, MN's <br /> $1,500,000 General Obligation Improvement Bonds, Series 2002A. The rating reflects the <br /> city's steadily expanding tax base in a favorable location near the Twin Cities, <br /> manageable debt burden, and trend of satisfactory finances.At this time we have also <br /> affirmed the Al rating on the city's $10.7 million of outstanding general obligation debt. <br /> Proceeds from this issue, supported by special assessments and secured by the city's <br /> general obligation, unlimited tax pledge,will finance various street improvement projects. <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,first-tier suburb <br /> located within Hennepin County(Aaa)mainly due to its proximity to the Twin Cities <br /> metropolitan area.The city's small, primarily residential,tax base of$488 million has been <br /> experiencing modest growth over the last five years reflecting in part some new <br /> commercial development. Similar to many mature cities,the population has declined <br /> since 1970, although the state estimate for 2000 shows a 3.7%jump since 1990.Wealth <br /> levels have historically been well above the state average. Unemployment rates of 3.3%, <br /> in December 2001, are below the state average of 3.7%. <br /> MANAGEABLE DEBT LEVELS WITH MODEST FUTURE BORROWING PLANS <br /> Moody's expects the city's moderate debt burden of 3.9%to remain manageable due to <br /> modest future borrowing needs, significant support from non-levy sources for debt <br /> service, and above average retirement of debt.Additional borrowing in the$1 million <br />