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Alabama Public School & College Authority; Miscellaneous Tax
Standard & Poors, Jan 2008
Abstract
Standard & Poor's Ratings Services assigned its 'AA' standard long-term rating, and stable outlook, to Alabama Public School and College Authority's series 2008A capital improvement pool bonds and affirmed its 'AA' standard long-term rating and Standard & Poor's underlying rating (SPUR), with a stable outlook, on the authority's previously issued debt. The ratings reflect: The strong debt service coverage (DSC) by both annual and monthly pledged revenue receipts; and The good historical growth of pledged revenues, which state officials levy on a broad statewide base, including state-assessed utility, sales, and use taxes paid into the education trust fund. The lack of a debt service reserve fund mitigates these strengths. A 13th-lien pledge of certain tax revenues allocable to Alabama's education...
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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