NEW YORK (Standard & Poor's) May 19, 2003Standard & Poor's Ratings Services assigned its 'AA' rating to Oregon's $35 million state board of higher education general obligation bonds 2003 series A, reflecting the full faith and credit pledge of the state, coupled with Oregon's diversified economic base and low debt burden. The current outlook is negative based on uncertainties related to the implementation of budget corrections within a framework of reduced flexibility for budget balance. Standard & Poor's also affirmed its 'AA' rating on Oregon's outstanding general obligation debt. During the current 2001-2003 biennium, the state has experienced weakened economic conditions, translating into significant revenue shortfalls. For the 2001-2003 biennium, total general fund revenues though March 2003 were estimated to...
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