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Alabama Public School and College Authority Capital Improvement Refunding Bonds Rated 'AA'; Outlook Negative
Standard & Poors, June 2009
Abstract
NEW YORK (Standard & Poor's) June 4, 2009--Standard & Poor's Ratings Services assigned its 'AA' long-term rating and underlying rating (SPUR) on Alabama Public School and College Authority's series 2009A and B capital improvement and capital improvement refunding bonds, in the amount of $323.705 million. At the same time, Standard & Poor's affirmed its 'AA' long-term rating on the authority's capital improvement and capital outlay bonds outstanding. The outlook is negative. Standard & Poor's assigned a negative outlook to the bonds to reflect our uncertainty about a federal court ruling in a declaratory judgment action filed by the authority on Oct. 28, 2008, in connection with a dispute between the authority and JP Morgan Chase Bank N.A. (AA-/Negative Outlook/A-1+) involving...
Companies mentioned in this report are: Alabama Pub Sch & Coll Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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