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Alabama Public School And College Authority; Miscellaneous Tax
Standard & Poors, Oct 2009
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term and underlying rating (SPUR) to Alabama Public School and College Authority's series 2009A capital improvement refunding bonds, series 2009B capital improvement refunding bonds, and series 2009C capital improvement pool bonds. The outlook is negative. At the same time, Standard & Poor's affirmed its 'AA' long-term rating and SPUR on the authority's outstanding capital improvement and capital outlay bonds. The negative outlook reflects our uncertainty about the authority's declining pledged revenues due to the national economic downturn and an upcoming federal court trial in October 2010, in connection with a dispute between the authority and JP Morgan Chase Bank (AA-/Negative Outlook/A-1+). The dispute involves various swap options entered into in 2002 and...
Companies mentioned in this report are: Alabama Pub Sch & Coll Auth
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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