Standard & Poor's Ratings Services assigned its 'AA-' long-term rating and stable outlook to 2009-4 state economic development revenue bonds (Eaton Corp.) issued for the Ohio Enterprise Bond Fund (OEBF). At the same time, we affirmed the 'AA-' long-term rating, and stable outlook, on the OEBF's parity debt outstanding. The 'AA-' rating reflects the underlying credit profile of the loan repayment stream and a default tolerance that meets Standard & Poor's pooled fund criteria for 'AA-' rated programs. The rating also reflects: What we view as good coverage levels on the front-loaded debt service provided by the combined repayment streams of bond fund loans and the Chapter 166 loan program; Strong reserves, in our opinion, to protect against delinquent or...
Companies mentioned in this report are:
- Ohio Enterprise Bnd Fd
Action: New Rating
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