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Florida; General Obligation, State GO Aug 99
Standard & Poors, August 1999
The rating on Florida's bonds reflects: A service-based economy that continues to diversify, A strong competitive position in the Southeast region with favorable future economic growth prospects, Average income levels, A sound financial position with strong budgetary controls, Fully funded budget stabilization reserves equal to 5% of revenues, and A manageable debt burden. This bond issue is ultimately secured by the state's full faith and credit pledge. The bonds are expected to price the week of Aug. 16, 1999, but will not be issued and delivered until March 15, 2000. The bonds will be used to refund, on a current basis, outstanding series 1989A bonds. Debt service is payable, in the first instance, from a second-lien pledge on gross receipts...
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Action: New Rating
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Research Type: Full Analysis