Summary: Tulsa County Industrial Authority, Oklahoma Tulsa County Independent School District No. 3 (Broken Arrow Board Of Education); Appropriations; General Obligation May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to Tulsa County Industrial Authority, Okla.'s series 2011 educational facilities lease-revenue bonds, supported by Tulsa County Independent School District No. 3 (Broken Arrow Board of Education). At the same time, Standard & Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR), with a stable outlook, on the district's existing general obligation (GO) debt. The 'AA-' rating reflects our opinion of: The district's general creditworthiness, and A lease structure that is subject to annual renewal and annual appropriation for lease payments. Lease payments from the district, as lessee, for the use and possession of the respective leased assets secure the bonds. The authority, as lessor, is a...

Companies mentioned in this report are:
- Tulsa Cnty Indpt Sch Dist #3-Broken Arrow Brd of Ed
- Tulsa Cnty Indl Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Tulsa Cnty Indpt Sch Dist #3-Broken Arrow Brd of Ed
- Tulsa Cnty Indl Auth

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