Summary: Maine Mun Bnd Bank; Appropriation, Moral Obligation; Utility, State Revolving Funds/Pools Sep 04

Standard & Poors, September 2004

Abstract
The 'AAA' rating on Maine Municipal Bond Bank's series 2004D and 2004E GO bonds reflects: The underlying credit profile of the loan repayment stream and a default tolerance that meets Standard & Poor's Ratings Services' state revolving fund criteria for 'AAA' rated programs; Very strong structural features, including two pledged reserve funds and, in the event of nonpayment by a borrower, a state aid intercept, as well as access to three blended reserve funds totaling more than $135 million; The substantial number of borrowers and credit quality and diversity of the participants; and The bank's successful 30-year-plus track record of strong oversight and management of the program. The bank will use proceeds of the series 2004D and E to finance...

Companies mentioned in this report are:
- Maine Mun Bnd Bank

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.

- Maine Mun Bnd Bank

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