MOODY'S ASSIGNS Aa1 RATING TO CITY OF MANCHESTER'S (NH) $28.2 MILLION G.O. PUBLIC IMPROVEMENT BONDS, SERIES A & B OF 2010; OUTLOOK IS STABLE

Posted on: May 6, 2010, 3:09 pm

NEW YORK, May 6, 2010 -- Moody's Investors Service has assigned a Aa1 rating to the City of Manchester's (NH) $28.2 million G.O. Public Improvement Bonds, Series 2010 and affirmed the stable outlook. This issue consists of a $9.5 million tax exempt Series A and an $18.6 million taxable (Build America Bond Program) Series B. Concurrently, Moody's has also affirmed the Aa1 rating and stable outlook on approximately $179 million of the city's previously issued parity debt and the Aa2 rating assigned to the city's appropriation-backed school debt. The Series 2010 bonds are secured by the city's general obligation, unlimited tax pledge. Proceeds from the current issue will finance various capital projects and improvements. The Aa1 rating reflects the city's sizeable and diverse tax base and slightly below average income levels, satisfactory financial position, elevated debt burden that is expected to remain manageable, as well as its role as an economic center for New Hampshire (G.O. rated Aa1/stable) and the New England region. The stable outlook reflects the expectation that the city's financial flexibility will remain at similar levels and that the tax base will continue to remain relatively stable...

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