CUSIP 686101HT6
- ISIN: US686101HT61
- Entity Name: City of Orem, Utah
- Sector: Municipal
- Announcement Date: 04-Feb-2019
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Dec-2023
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Rating Upgrade
- News: S&P Global Ratings raised its long-term rating to `AA+` from `AA` on Orem, Utah`s general obligation (GO) bonds outstanding. The outlook is stable. The raised rating reflects the economic growth in the city, spurred by growth in the technology sector. The city has utilized this growth to maintain a strong financial performance and very strong budgetary flexibility in recent history. We believe with good management policies in place, as well as expected commercial and residential development, the city will be able to maintain stable finances in the near future. Unlimited ad valorem taxes levied on taxable property within the city secure the GO bonds. The rating further reflects our view of the city`s: Adequate economy, with access to a broad and diverse metropolitan statistical area (MSA); Strong management, with "good" financial policies and practices under our financial management assessment methodology; Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level in fiscal 2018; Very strong budgetary flexibility, with an available fund balance in fiscal 2018 of 28% of operating expenditures; Very strong liquidity, with total government available cash at 94.9% of total governmental fund expenditures and 7.6x governmental debt service, and access to external liquidity we consider strong; Adequate debt and contingent liability position, with debt service carrying charges at 12.5% of expenditures and net direct debt that is 57.6% of total governmental fund revenue, as well as low overall net debt at less than 3% of market value, but significant medium-term debt plans; and Very strong institutional framework score. For Bond Document please visit www.BondPDF.com
- Description: Municipal Name: City of Orem, Utah CUSIP: 686101HT6 Currency: USD City of Orem, Utah announced today that the Standard & Poor s Ratings has upgraded the long-term ratings of the Series 2014, General Obligation Refunding Bonds from AA to AA+.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US686101HT61
