NY -- Standard & Poor's CreditWire 11/19/97 -- Standard & Poor's today has assigned its double-`A' rating to Virginia Resources Authority's (VRA) water and sewer system revenue bonds series 1997 (Rapidan Service Authority - Refunding) dated Nov. 15, 1997 due Oct. 1, 2018. The bonds are expected to price on Nov. 20, 1997. Additionally, Standard & Poor's has affirmed its double-`A' rating on the VRA's outstanding G.O. debt. The outlook is stable. The double-`A' rating reflects the moral obligation of the Commonwealth of Virginia to replenish the capital reserve fund, if necessary. The General Assembly is authorized, but not obligated, to appropriate the amount of the deficiency to restore the reserve to its required level (maximum annual debt service). The...
Companies mentioned in this report are:
- Virginia Resources Auth
Action: New Rating
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