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Alaska; Appropriation, Appropriations; Tax Secured, General Obligation Sep 05
Standard & Poors, Sep 2005
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to Alaska's $24 million lease revenue refunding bonds, series 2005, affirmed its rating on the state's outstanding lease revenue bonds, and affirmed its 'AA' rating on the state's outstanding GO bonds. The rating reflects: The creditworthiness of Alaska as lessee and obligor; The legislative authorization for the project; and The year-to-year contractual nature of the lease. The bonds are secured by state lease rental payments. Pursuant to the lease agreement, Alaska is obligated to pay lease payments each year, subject to appropriation by the state. The lease term is renewed each year if the state appropriates sufficient revenues for the project to make rental payments. Rentals are not subject to abatement...
Companies mentioned in this report are: Alaska
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.
Research Type: Full Analysis
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