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Alabama Public School & College Authority; General Obligation, Local GO; Revenue - Transportation, Miscellaneous Tax Revenue
Standard & Poors, Aug 1999
Abstract
The rating on Alabama Public School & College Authority's tax-exempt special obligation bonds reflects: Historically strong revenue performance; High coverage of debt service by aggregate annual receipts and monthly receipts of pledged revenues; and The breadth of pledged revenues, which include state assessed utility, lease, sales, and use taxes paid into the education trust fund (ETF). The bonds are secured by a sixth lien pledge of certain tax revenues allocable to the state's special education trust fund. Pledged revenues account for about 45% of total ETF revenues. Fiscal 1999 estimated pledged revenues of $1.75 billion cover maximum annual debt service on the series 1999A and 1999B bonds and five prior lien issues 17.4 times (x). Fiscal 1999 pledged revenues represent...
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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