Standard & Poor's Ratings Services raised underlying rating (SPUR) to 'AA-' from 'A' on North Slope Borough, Alaska's GO debt based on the borough's strong financial performance and very conservative financial planning that take into account the anticipated declines in revenues associated with its oil and gas industry revenue. In addition, Standard & Poor's assigned its 'AA-' rating to the borough's series 2008A GO bonds and its 'SP-1+' short-term rating to the borough's 2008B GO refunding bonds. The short-term rating reflects the borough's strong liquidity position. Additional rating factors reflect the borough's: Strong financial position, with an audited 2007 unreserved fund balance of $80 million or 31% of expenditures; A large roughly $400 million permanent fund, which provides operational support...
Companies mentioned in this report are:
- North Slope Boro
Action: New Rating
Action: Outlook: Stable
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