The 'AA-' rating on Ohio's series 2006-2 taxable state economic development revenue bonds, issued for the Ohio Enterprise Bond Fund (OEBF), is based on the underlying credit profile of the loan repayment stream and a default tolerance that meets Standard & Poor's Ratings Services' pooled fund criteria for 'AA-' rated programs. Additional credit characteristics that support the rating include: Good coverage levels on the front-loaded debt service provided by the combined repayment streams of bond loans and the Chapter 166 loan program; Strong fund balances to protect against delinquent or defaulting loans, including a minimum 15% program reserve requirement; Healthy diversification of loans at the company level, as no single loan accounts for more than 5.5% of the total bond...
Companies mentioned in this report are:
- Ohio Enterprise Bnd Fd
Action: New Rating
Action: Outlook: Stable
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