Summary: Goshen, Indiana; General Obligation - S&P Global Ratings’ Credit Research

Summary: Goshen, Indiana; General Obligation

Summary: Goshen, Indiana; General Obligation - S&P Global Ratings’ Credit Research
Summary: Goshen, Indiana; General Obligation
Published Oct 19, 2021
8 pages (3376 words) — Published Oct 19, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings assigned its 'A+' long-term rating to the city of Goshen, Ind.'s approximately $3.2 million series 2021 general obligation (GO) bonds. The outlook is stable. Bond proceeds will be used for various renovation and improvement projects for existing city facilities. The series 2021 GO bonds are secured by a pledge of the city's ad valorem property taxes. The ad valorem property tax that secures the series 2021 bonds is subject to state circuit-breaker legislation, which caps the property tax burden for taxpayers based on a percentage of the real estate parcels' gross assessed value (AV). This can, and often does, reduce the total tax levy. The levy to cover debt service, however, is statutorily protected, allowing the city

  
Brief Excerpt:

...S&P Global Ratings assigned its 'A+' long-term rating to the city of Goshen, Ind.'s approximately $3.2 million series 2021 general obligation (GO) bonds. The outlook is stable. Bond proceeds will be used for various renovation and improvement projects for existing city facilities. The series 2021 GO bonds are secured by a pledge of the city's ad valorem property taxes. The ad valorem property tax that secures the series 2021 bonds is subject to state circuit-breaker legislation, which caps the property tax burden for taxpayers based on a percentage of the real estate parcels' gross assessed value (AV). This can, and often does, reduce the total tax levy. The levy to cover debt service, however, is statutorily protected, allowing the city to distribute circuit-breaker losses first across nondebt service funds that receive property taxes. We base the rating at the same level as our view of the city's general creditworthiness, reflecting our view that there are no significant limitations on...

  
Report Type:

Summary

Issuer
Sector
Public Finance
Country
Region
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summary: Goshen, Indiana; General Obligation" Oct 19, 2021. Alacra Store. Nov 30, 2021. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Goshen-Indiana-General-Obligation-2740607>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Goshen, Indiana; General Obligation Oct 19, 2021. New York, NY: Alacra Store. Retrieved Nov 30, 2021 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Goshen-Indiana-General-Obligation-2740607>
  
US$ 225.00
$  £  
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.