Oregon; Tax Secured, General Obligation Oct 03
Standard & Poors, October 2003
Abstract
The downgrade on Oregon's outstanding GO debt rating to 'AA-' from 'AA' reflects the state's weakened financial position, resulting from a prolonged economic slowdown. Following a significant decline in revenues during the 2001-2003 biennium, fund balances at June 30, 2003, are estimated to be minimal, with a general fund unreserved undesignated balance of $20 million-$30 million. State unemployment is the highest in the nation at 8%. Credit strengths include a diversified economic base and low debt burden as a percent of market value. Oregon's GO pension bonds series 2003 are assigned an 'AA-' rating. The state pledges its full faith and credit taxing power, excluding the power to levy ad valorem taxes, to secure the pension bonds. This rating action...
Companies mentioned in this report are:
- Oregon
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Oregon
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