Oregon School Boards Assn.'s Series 2011A COPs Assigned 'SP-1+' Rating May 11
- ID: 1771721
- May 2011
- Region: Oregon
- Standard & Poors
SAN FRANCISCO (Standard & Poor's) May 5, 2011--Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to the Oregon School Boards Assn.'s $8.1 million series 2011A certificates of participation (COPs). The COPs represent undivided, proportionate ownership interests in tax and revenue anticipation promissory notes issued by six participants, as well as principal and interest payments. Each district has pledged property taxes levied by and collected within its boundaries, subject to constitutional restrictions; its full faith and credit; and all legally available general fund revenues for repayment. "The series 2011A rating reflects our opinion of the underlying notes' weakest credit profile, which is 'SP-1+', because no district is responsible for another's repayment," said Standard & Poor's credit analyst Chris Morgan....
Companies mentioned in this report are: Oregon Sch Brds Assn
Action: New Rating
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