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Oklahoma Water Resources Board; Public Finance Structured, Liquidity Facility; Utility, State Revolving Funds/Pools Apr 04 Product Image

Oklahoma Water Resources Board; Public Finance Structured, Liquidity Facility; Utility, State Revolving Funds/Pools Apr 04

  • ID: 1771079
  • April 2004
  • Region: Oklahoma
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to Oklahoma Water Resources Board's (OWRB) series 2004A revenue bonds based on the board's long-term state loan program, which incorporates cash flows that illustrate coverage consistent with Standard & Poor's criteria for 'AA+'-rated pool financings. The rating also reflects: The program's excellent history of borrower repayment with no loans in default, Strong financial management and program oversight, and Sound underwriting standards and strong loan requirements to local borrowers. Offsetting factors that preclude a higher rating are: The roughly 9.7% of loans outstanding that are not investment grade; and The pool's open nature, which means loans are not committed until after bond issuance, making the actual borrowers' overall...

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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