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Alabama Public School and College Authority Bonds Put On CreditWatch Negative On Potential Of Refused Swap Payment
Standard & Poors, March 2009
Abstract
NEW YORK (Standard & Poor's) March 27, 2009--Standard & Poor's Ratings Services placed its 'AA' long-term rating and underlying rating (SPUR) on Alabama Public School and College Authority's capital improvement bond and capital outlay bonds on CreditWatch with negative implications. 'We placed the ratings on CreditWatch with negative implications due to the potential that without guidance from a federal court, the state could refuse to pay a swap payment on May 1, 2009, which is on parity with the debt, and the potential for termination payments that could lower debt service coverage,' said Standard & Poor's credit analyst Sussan Corson. The Authority currently has four floating-to-fixed-rate swap options for series 1998, 1999A, 1999C, and 1999D bonds. The swaption agreement was...
Companies mentioned in this report are: Alabama Pub Sch & Coll Auth
Action: On CreditWatch: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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