Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Nassau County, N.Y.'s series 2011 A and B revenue anticipation notes (RANs). The rating reflects: The county's general obligation (GO) pledge ('A+/Stable' GO rating) as security; Strong projected coverage at the time of the two notes' maturities; An adequate note structure that provides for lump-sum note repayments deposited to a separate bank account held by the county treasurer with no early segregation points; and Strong projected alternative liquidity in the county's sewer and storm water district funds and environmental protection bond funds at note maturities. The county's faith and credit GO pledge secures the 2011 RANs. Note proceeds will be used to provide liquidity for county operations during low...
Companies mentioned in this report are: Nassau Cnty
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.
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.
SHOW LESS READ MORE >