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Oregon's Series 2002 GO Bonds Rated 'AA'; Outlook Negative Nov 02
Standard & Poors, November 2002
NEW YORK (Standard & Poor's) Nov. 14, 2002Standard & Poor's Ratings Services assigned its 'AA' rating to Oregon's $98.835 million general obligation Oregon opportunity bonds (Department of Administrative Services) series 2002 based on the state's full faith and credit pledge and reflecting the diversification of the state's economic base, and a low debt burden. The bonds are scheduled to sell on Dec. 4. Standard & Poor's also affirmed its 'AA' rating on the state's outstanding general obligation debt. Offsetting Oregon's credit strengths are ongoing budgetary pressures resulting from weakened income tax collections due to a slowing economy. In 2001, employment in the state declined and a further decline is projected for 2002. "The negative outlook reflects uncertainties related to the...
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