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West Virginia; Tax Secured, General Obligation Jun 01
Standard & Poors, June 2001
The rating on West Virginia's GO state road bonds series 2001 reflects: Sound financial management, including consistently balanced general fund budgets and sufficient financial reserves to meet likely contingencies; A moderate debt burden; and Steady progress reducing unfunded accrued trust fund liabilities. Offsetting rating factors include the state's below-average per capita wealth and income levels and a cyclical economic base lacking deep diversity. The state's economy has lagged national growth measures for the past few years, a trend that is projected to continue. For the fiscal year ended June 30, 2000, the state achieved a $72 million general fund operating surplus after transfers bringing unrestricted reserves, including the rainy day fund, to $336 million--equal to 7.16% of general fund disbursements....
Companies mentioned in this report are: West Virginia
Action: New Rating
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