Virginia Resources Authority Virginia; Appropriation, Moral Obligation; Utility, State Revolving Funds/Pools Feb 05

Standard & Poors, February 2005

Abstract
The 'AAA' rating on Virginia Resources Authority's (VRA) infrastructure revenue refunding bonds series 2005 reflects projected excess cash flows and reserve levels that continue to meet Standard & Poor's Ratings Services' requirements for 'AAA' rated municipal pools. The 'AAA' rating, 'AA' rating, and 'AA' Standard & Poor's underlying rating (SPUR) on the authority's outstanding infrastructure revenue bonds have been affirmed. The 'AA' rating and 'AA' SPUR on the outstanding subordinate-lien pooled loan fund bonds are based on the moral obligation of the commonwealth of Virginia. The rating also reflects sufficient credit quality and diversification of existing program participants, with continued diversification expected as future identified loans are made; established history of successfully managing multiparticipant utility pools; and the assumption of...

Companies mentioned in this report are:
- Virginia
- Virginia Resources 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

- Virginia
- Virginia Resources Auth

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