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Oregon; General Obligation Mar 07
Standard & Poors, March 2007
The 'AA-' rating assigned to Oregon's 2007 series A (AMT) elderly and disabled housing GO bonds reflects: Improved financial performance due to strong economic growth that has followed prolonged economic slowdown; A diversifying economic base that exhibited significant volatility during the recent recession; and A manageable debt burden, with debt service targeted at no more than 5% of general fund expenditures. Additional factors include the effects of a voter-authorized constitutional amendment called the "kicker," which limits the state's ability to retain revenues above budget projections in strong revenue periods, and a reliance on historically volatile income tax collections. In addition, an active voter-initiative process has institutionalized various controls over revenue growth and could affect future financial performance. The GO bonds...
Companies mentioned in this report are: Oregon
Action: New Rating
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