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Florida; Appropriations; General Obligation Feb 11
Standard & Poors, February 2011
Standard & Poor's Ratings Services assigned its 'AAA' rating and negative outlook to Florida's State Board of Education, full faith and credit Public Education Capital Outlay refunding bonds, series 2011A, and affirmed its 'AAA' rating with a negative outlook on the state's general obligation (GO) debt outstanding. At the same time, Standard & Poor's affirmed its 'AA+' rating and negative outlook on the state's appropriation-backed debt. The 'AAA' GO debt rating reflects our assessment of the state's: Swift and continued response to declining revenues and increased budget pressures associated with a rapid and prolonged deterioration of the housing, financial, and credit markets; Reserves, which have been greatly depleted over the past few years, but, when coupled with trust fund reserves,...
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Action: New Rating
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