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Summary: Oregon Dept of Admin Svcs; Appropriation, Appropriation Mar 03 Product Image

Summary: Oregon Dept of Admin Svcs; Appropriation, Appropriation Mar 03

  • Published: March 2003
  • Region: Oregon
  • Standard & Poors

Abstract
Oregon Department of Administrative Services' $23.475 million series 2003A certificates of participation (COPs) have been rated 'AA-'. The 'AA-' Standard & Poor's underlying rating (SPUR) on the department's outstanding COPs has been affirmed. The outlook is negative. The 'AA-' rating reflects the general creditworthiness of the state of Oregon as lessee and obligor, and the life term of the lease subject to annual appropriation. The COPs are secured by loan payments made by the state through the Department of Administrative Services. Subject to appropriation by the legislative assembly, the department will make timely loan payments sufficient to pay debt service on the COPs. The department has covenanted to use its best efforts to cause the legislative assembly to appropriate amounts...

Companies mentioned in this report are: Oregon Dept of Admin Svcs,Oregon
Action: New Rating

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Oregon Dept of Admin Svcs,Oregon

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