Standard&Poor's Ratings Services has affirmed its 'A' underlying rating (SPUR) on Goshen Redevelopment Commission, Ind.'s redevelopment district bonds series 2005A and 2006B, supported by the city of Goshen. The outlook is stable. The rating reflects our view of the city's: Manufacturing-based local economy with access to the larger South Bend metropolitan area employment base; Adequate income and wealth levels; Strong reserves on a cash basis of accounting, bolstered by an outside fund; and Moderate overall debt burden. High unemployment tempers these credit strengths. Incremental real property tax revenues from three economic development areas are pledged to pay debt service on the bonds. To the extent tax increment revenues are insufficient, a special benefits tax (an ad valorem property
