Summary: Oregon; Tax Secured, General Obligation Oct 03
- ID: 1754759
- October 2003
- Region: Oregon
- Standard & Poors
Standard & Poor's Ratings Services lowered its rating on Oregon's outstanding GO debt to 'AA-' from 'AA', reflecting 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. This rating action does not affect the rating on the state's $1.02 billion of outstanding general obligation veteran's welfare bonds, which remain at 'AA' with a stable outlook. Oregon's GO pension bonds...
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Action: New Rating
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