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Summary: Bristow Municipal Authority, Oklahoma; Sales Tax May 11
Standard & Poors, May 2011
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term rating to Bristow Municipal Authority, Okla.'s outstanding sales tax revenue bonds. The outlook is stable. The rating reflects our view of the authority's: Low income levels and strong per capita retail sales; Recent declines in sales tax collections; Strong debt service coverage; and Weak legal provisions that include a 1.5x average annual debt service additional bonds test. Net revenues of the authority's water, sewer, and garbage systems and a pledge of a 3.5-cent sales tax, subject to annual appropriation, secure the bonds. The rating reflects our view of the strength of the pledged sales tax. Officials indicate that the authority does not have any plans to issue additional debt in the...
Companies mentioned in this report are: Bristow Mun Auth
Action: Outlook: Stable
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Bristow Mun Auth