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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

  • ID: 1771059
  • 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

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

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- Oklahoma Wtr Resources Brd

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