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Alaska; Appropriations; General Obligation Mar 08
Standard & Poors, March 2008
Abstract
Standard & Poor's Ratings Services raised its rating and underlying rating (SPUR) to 'AA+' from 'AA' on Alaska's series 2003A GO bonds and its series 2000 lease revenue bonds. In addition, Standard & Poor's raised its rating and SPUR to 'AA' from 'AA-' on Alaska's outstanding certificates of participation (COPs) and series 2005 lease revenue refunding bonds. The raised ratings reflect the state's very substantial budget surpluses in the current and subsequent years (2008 and 2009), the successful implementation of a new, more progressive tax on oil production, as well as exceptionally strong reserve funds that hedge against revenue declines anticipated in an environment of slowing North Slope oil production. The state's strong general credit characteristics include: Strong financial management,...
Companies mentioned in this report are: Alaska
Action: Upgraded
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.
Research Type: Full Analysis
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