The rating for Huntsville, Ala.'s bonds reflects the following credit strengths: * A strong economy, as evidenced by above average wealth and income levels and below average unemployment rates; * A moderately growing and diversifying tax base, with some concentration among the aerospace and electronic industries; and * Solid financial performance characterized by operating surpluses and a healthy general fund balance. These credit strengths are offset by high debt and debt service requirements. Located in northern Alabama, the city of Huntsville has experienced steady growth and diversification from a historically concentrated military and aerospace employment base. High technology firms including SCI Systems, Intergraph Corp., and ADTRAN Inc. have facilities in Huntsville, contributing to a diversifying economy. Assessed values have averaged
