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Summary: Oregon; General Obligation Sep 11
Standard & Poors, September 2011
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Oregon's $40.525 million series 2011M general obligation (GO) bonds. In addition, Standard & Poor's affirmed its 'AA+' long-term and underlying rating (SPUR) and 'AA+/A-1' rating on the state's outstanding GO debt. The outlook on all ratings is stable. The ratings reflect our view of the state's: Demonstrated willingness to make revenue and expenditure adjustments to correct structural imbalances; Constitutional and statutory mechanisms to fund "rainy day" funds; Strong financial policies and practices, including institutionalized quarterly reviews of financial performance and economic forecasts that guide budget assumptions; and Above-average pension funding ratio on a mark-to-market basis and other post-employment benefits (OPEB) that represent a low risk, in our opinion. Partially...
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Action: New Rating
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