The 'A' rating on Hazelwood, Mo.'s series 2008 certificates of participation reflects the 'A+' rating on the city's GO bonds and annual appropriation risk. The 'A+' rating has been affirmed and reflects the city's: Participation in the diverse St. Louis metropolitan area economy, Substantial and diverse job base in spite of having recently lost a major employer, Average income levels, Good financial operations with growing reserves following property and sales tax increases, and Moderate debt burden. The 'A' rating on the city's capital projects bonds, issued by the Hazelwood Industrial Development Authority, reflects annual appropriation risk. The city's pledge to pay base rentals, subject to annual appropriation and pursuant to a lease/purchase agreement, secures the 2008 certificates. The city will
