Analyzing the Credit Quality of General Obligation Bonds

    • Current updates of financial statements.

    • The rate of increase in debt levels.
    • The rate of increase in expenditures as a percentage of the general operating fund.
    • The rate of either increase or decrease in net surpluses over three and five years.
    • The issuer's requirement by statutes to rebalance its budget.
    • Management and its political capital when responding to economic cycles that call for balancing revenues and expenditures.
    • The financial health, structure and concentration of the property-assessed valuations base in the past three and five years; its increase or decrease as well as the trend in delinquency rates.

    • The rate of employers’ concentration, layoffs, and unemployment.

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