Summary: Oklahoma Wtr Resources Brd; Utility, State Revolving Funds/Pools Jan 03

Standard & Poors, January 2003

Abstract
The 'AA' rating on Oklahoma Water Resources Board's (OWRB) revenue bonds is based on the board's long-term program rating of 'AA', which incorporates cash flows that illustrate coverage consistent with Standard & Poor's Ratings Services' criteria for 'AA'-rated pool financings. In addition, the rating reflects: The maturity of the loan program, which has a good history of borrower repayment; The program's strong financial management and oversight; and The board's sound underwriting standards. Despite these strengths, the program is not rated higher due, in part, to the pool's open nature. Loans are not committed until after bond issuance, making the overall credit quality of the actual borrowers uncertain at the time of issuance. The bonds are being remarketed to convert into...

Companies mentioned in this report are:
- Oklahoma Wtr Resources Brd

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Oklahoma Wtr Resources Brd

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