Summary: Augusta, Maine; General Obligation

S&P Global Ratings assigned its 'AA' rating to the City of Augusta, Maine's approximately $19.9 million series 2023 general obligation (GO) bonds. At the same time, S&P Global affirmed its 'AA' rating on the city's existing GO debt. The outlook is stable. The city's full-faith-and-credit pledge secures the bonds. Augusta can levy ad valorem property taxes for bond repayment, subject to limitations of the state's LD-1 legislation. We rate the limited-tax GO debt on par with our view of Augusta's general creditworthiness since the ad valorem tax is not derived from a measurably narrower property tax base and there are no limitations on the fungibility of resources, supporting our view of the city's overall ability and willingness to pay debt

...Most recent Historical information 2022 2021 2020 Adequate economy Projected per capita EBI % of U.S. 81 Market value per capita ($) 99,205 98,374 98,576 97,215 Population 18,748 18,748 18,556 18,638 County unemployment rate(%) 2.8 4.3 4.6 Market value ($000) 1,859,903 1,844,323 1,829,170 1,811,899 Ten largest taxpayers % of taxable value 28.7 Strong budgetary performance Operating fund result % of expenditures 2.1 9.1 3.2 Total governmental fund result % of expenditures 2.1 7.0 2.9 Very strong budgetary flexibility Available reserves % of operating expenditures 19.1 24.7 21.2 Total available reserves ($000) 13,365 16,082 13,460 Very strong liquidity Total government cash % of governmental fund expenditures 43 40 31 Total government cash % of governmental fund debt service 683 619 431 Strong management Financial Management Assessment Good Strong debt & long-term liabilities Debt service % of governmental fund expenditures 6.3 6.5 7.1 Net direct debt % of governmental fund revenue 72 Overall...

Summary