Summary: Oregon; General Obligation Sep 11

Standard & Poors, September 2011

Abstract
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...

Companies mentioned in this report are:
- Oregon

Action: Affirmed
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Oregon

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