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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...

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 READ MORE >

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