Summary: Maine Mun Bnd Bank; General Obligation, Moral Obligation Sep 99

Standard & Poors, September 1999

Abstract
The rating on Maine Municipal Bond Bank's bonds reflects the state of Maine's moral obligation pledge. Although the bonds are general obligations of the bond bank, payable from any of the bank's available assets, they are primarily secured by loan payments from participating local governments. There are 17 local governments participating in this financing. Ultimately, rating strength is provided by the bond bank's pledge to maintain a debt service reserve fund (DSRF) equal to maximum annual debt service (MADS) on all outstanding loans, or $101.4 million, including this issuance. If the bond bank's DSRF falls below the required MADS level, the governor must request the state legislature to appropriate necessary funds to replenish the reserve to its required level. This...

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

Action: New Rating

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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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