|
|
 |
|
Viewing report
|
|
|
|
Alabama; General Obligation May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'AA' long-term rating and underlying rating (SPUR) on Alabama's outstanding general obligation (GO) debt. The outlook on the ratings is stable. The ratings reflect our opinion of the state's: Large and diversifying economic base, albeit at a slower pace due to the national recession; Constitutional provisions that mandate expenditure cutbacks to protect the state's finances in the event of revenue shortfalls; Dedicated revenue streams for capital projects and debt service; and A low GO debt burden. These strengths, in our view, are somewhat offset by the state's: Use of reserves and one-time revenues in two major operating funds in fiscal 2009 and 2010; Restrictive tax structure, which provides management with little revenue-raising flexibility;...
Companies mentioned in this report are: Alabama
Action: Affirmed
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
|
|
|
|
