City of Salem, OR: Update to credit analysis - Moody's Global Credit Research

City of Salem, OR: Update to credit analysis

City of Salem, OR: Update to credit analysis - Moody's Global Credit Research
City of Salem, OR: Update to credit analysis
Published Jan 27, 2023
9 pages (4797 words) — Published Jan 27, 2023
Price US$ 250.00  |  Buy this Report Now

About This Report

  
Brief Excerpt:

...The City of Salem, Oregon (Aa2) benefits from a growing economy within the greater Salem Metropolitan Statistical Area (Salem MSA) which will likely continue to experience growth and positive population trends underpinned by the cities' presence of being the Oregon (Aa1 stable) state capital coupled with affordable living and business cost environment relative to cities located along the West Coast. The city's financial profile remains strong, supported by a good management team, prudent fiscal practices and multiyear planning. We note, though, the credit profile is challenged by a somewhat constrained revenue structure, as state law limits assessed valuation growth. As a result, the city will likely need to augment their core revenue structure to confront near to medium term budgetary challenges associated with a growing population and increased service needs. The credit profile also considers below average resident income and an elevated leverage profile when compared to Aa-rated peers...

  
Report Type:

Credit Opinion

Issuer
Salem (City of) OR
Format:
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City of Salem, OR: Annual comment onSalem - Issuer Comment – 2024/04/15 – US$ 200.00 – ...Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for Regional Price Parity (RPP), as a % of the US MHI MHI: US Census Bureau - American Community Survey 5-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey 5-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or county minus the five-year CAGR of real GDP for the US Real GDP: US Bureau of Economic Analysis Financial performance Revenue Sum of revenue from total governmental funds, operating and non- operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds...

Moody's assigns Aa2 to Salem, OR's GO Bonds, Series 2023 - Rating Action – 2023/01/27 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Salem (City of) OR: Update to credit analysis - Credit Opinion – 2021/03/23 – US$ 250.00 – ...The City of Salem, Oregon (Aa2) benefits from its strong tax base that continued to grow through the coronavirus pandemic, as well as a solid local economy that is driven by the presence of the state capitol. Although the coronavirus pandemic negatively affected employment and general economic activity and socioeconomic measures are slightly below average, the city's financial profile remains healthy, supported by a strong management team with conservative budgeting practices. Given the city's revenue structure, limitations on assessed value growth and significant proportion of tax-exempt properties, the city may face some long-term challenges as demands for services increase with the growing population. Positively, overall liabilities are manageable, with elevated pensions moderated by lower debt levels....

Moody's assigns Aa2 to Salem, OR's GO Refunding Bonds, Series 2021 - Rating Action – 2021/03/19 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's assigns Aa2 to Salem, OR's Water&Sewer Enterprise - Rating Action – 2020/02/20 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

City of Salem, OR: Annual Comment on Salem - Issuer Comment – 2019/08/29 – US$ 200.00 – ... data sources; Offering statements; Moody's Investors Service EXHIBIT 4...

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Cite this Report

  
MLA:
Moody's Global Credit Research. "City of Salem, OR: Update to credit analysis" Jan 27, 2023. Alacra Store. Apr 25, 2024. <http://www.alacrastore.com/moodys-credit-research/City-of-Salem-OR-Update-to-credit-analysis-PBM_1355996>
  
APA:
Moody's Global Credit Research. (). City of Salem, OR: Update to credit analysis Jan 27, 2023. New York, NY: Alacra Store. Retrieved Apr 25, 2024 from <http://www.alacrastore.com/moodys-credit-research/City-of-Salem-OR-Update-to-credit-analysis-PBM_1355996>
  
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