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Summary: Oregon; Appropriations Jan 09 Product Image

Summary: Oregon; Appropriations Jan 09

  • Published: January 2009
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Oregon's series 2009A and 2009B certificates of participation (COPs). In addition, Standard & Poor's affirmed its 'AA-' underlying rating (SPUR) to the state's existing appropriation debt, issued by the state and the Oregon Department of Administration Services. The ratings reflect the pledge of lease payments paid by the state of Oregon, subject to annual appropriation. In our opinion, the state rating reflects the following credit characteristics: A good financial position, bolstered by rainy day funds that were set aside after the strong economic growth during the 2005-2007 biennium; A moderate debt burden, with debt service targeted at no more than 5% of general fund revenues, and a well-funded pension...

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

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Oregon,Oregon Dept of Admin Svcs

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