Summary: Virginia Resources Authority Virginia; Moral Obligation; State Revolving Funds/Pools May 10
Standard & Poors, May 2010
Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Virginia Resource Authority's (VRA) series 2010A tax-exempt infrastructure revenue bonds and taxable infrastructure revenue Build America Bonds (BABs) issued through VRA's Virginia Pooled Financing Program, based on projected excess cash flows and reserves that continue to meet Standard & Poor's requirements for 'AAA' rated municipal pools. At the same time, Standard & Poor's assigned its 'AA' long-term rating, and stable outlook, to the authority's series 2010A tax-exempt moral obligation revenue bonds and taxable moral obligation revenue BABs issued through VRA's Virginia Pooled Financing Program, based on the commonwealth of Virginia's moral obligation pledge. In addition, we affirmed our 'AAA' and 'AA' long-term ratings and 'AA' underlying...
Companies mentioned in this report are:
- Virginia
- Virginia Resources Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Virginia
- Virginia Resources Auth
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