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
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Research Type: Full Analysis