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Oklahoma Water Resources Board; Public Finance Structured, Liquidity Facility; Utility, State Revolving Funds/Pools Jun 03 Product Image

Oklahoma Water Resources Board; Public Finance Structured, Liquidity Facility; Utility, State Revolving Funds/Pools Jun 03

  • Published: June 2003
  • Region: Oklahoma
  • Standard & Poors

Abstract
The upgrade on Oklahoma Water Resources Board's (OWRB) state loan program revenue bonds long-term rating to 'AA+' from 'AA' reflects the state revolving fund program's ability to meet Standard & Poor's Rating Services' default tolerance criteria for an 'AA+' rated program based on cash flow tests. The short-term 'A-1+' rating on OWRB's state loan program revenue bonds series 2003A reflects liquidity for tenders provided by a Bank of America, N.A. ('AA-/A-1+') standby bond purchase agreement (SBPA). The 'AA+' long-term rating also reflects the program's: Maturity, exhibiting an excellent history of borrower repayment without any loans in default; Strong financial management and oversight; and Sound underwriting standards and strong loan requirements to local borrowers. Offsetting factors that preclude a higher rating...

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

Action: New Rating

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- Oklahoma Wtr Resources Brd

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