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Apache County Unified School District No. 8 Window Rock, Arizona; Miscellaneous Tax Nov 11
Standard & Poors, Nov 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating, and stable outlook, to Apache County Unified School District No. 8 Window Rock, Ariz.'s impact aid revenue bonds comprising series 2011 A-1 tax-exempt bonds and series 2011 A-2 federally taxed (state tax-exempt) qualified school construction bonds (QSCBs). The rating reflects what we view as: The district's heavily impacted student base living on Indian land and its high needs-based score under the current distribution formula, which prioritizes federal impact aid (FIA) distributions to the district, despite the U.S. Congress' history of funding the total program below maximum entitlement levels; Strong 4.7x pro forma maximum annual debt service (MADS) coverage by 2011 federal impact revenue; The program's 60-year history, including annual extensions of...
Companies mentioned in this report are: Apache Cnty Unif Sch Dist #8 Window Rock
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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