Press Release|Public Finance

KBRA Affirms AA Rating with Stable Outlook for Borough of Doylestown, PA General Obligation Notes

19 Jan 2024   |   New York

Contacts

KBRA affirms the long-term rating of AA with a Stable Outlook for the Borough of Doylestown, PA's General Obligation Notes.

Key Credit Considerations

Credit Positives

  • Strong wealth and income levels coupled with stable employment base with proximity to large regional employment centers.
  • Strong available reserves relative to operations and ample liquidity.
  • Low debt burden.

Credit Challenges

  • General fund revenue base is somewhat dependent on earned income taxes which can be cyclically sensitive.

Rating Sensitivities

For Upgrade

  • Sustained improvement of the Borough’s financial position.

For Downgrade

  • Trend of structural imbalance in operations.
  • Significant deterioration in level of reserves or adverse developments in tax base.

To access rating and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003035

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