The 'AA-' rating on Oregon School Boards Assn.'s limited-tax pension obligations is based on an intercept agreement between the participating school and education service districts and the Oregon Department of Education and reflects: The security of state education revenues pledged for payment of debt service; A solid legal structure; and Strong coverage of debt service by pledged revenues. The series 2002 pension obligations are being issued to finance all or a portion of the estimated unfunded actuarial liability of 41 participating school districts and education service districts with the Oregon Public Employees Retirement System. The pension obligations represent proportionate interest in payments of principal and interest on pension bonds issued by the districts to be paid through the intercept agreement...
Companies mentioned in this report are: Oregon Sch Brds Assn
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