Summary: Maine Mun Bnd Bank; Appropriation, Moral Obligation Jul 02
- ID: 1930241
- July 2002
- Region: Maine
- Standard & Poors
The 'AAA' rating on Maine Municipal Bond Bank's bonds is based on the following factors: The underlying credit profile of the loan repayment stream and a default tolerance that meets Standard & Poor's 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 and access to three blended reserve funds totaling nearly $150 million; The substantial number of borrowers and the credit quality and diversity of the participants; A successful 29-year track record of strong oversight and management of the program; and A moral obligation pledge of the state (rated 'AA+') to replenish any draws in the debt service reserve....
Companies mentioned in this report are:
- Maine Mun Bnd Bank
Action: New Rating
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