Summary: Puerto Rico Sales Tax Financing Corp.; Sales Tax Nov 11
Standard & Poors, November 2011
Abstract
Standard & Poor's Ratings Services has assigned its 'A+' rating to Puerto Rico Sales Tax Financing Corp.'s (COFINA) approximately $769 million in first subordinate sales tax revenue bonds, series 2011A and series 2011B. At the same time, Standard & Poor's affirmed its 'AA-' rating on the corporation's approximately $5.7 billion in senior lien sales tax revenue bonds outstanding. Standard & Poor's also affirmed its 'A+' rating on COFINA's first subordinate sale tax revenue bonds outstanding. The outlook is stable. The ratings reflect our opinion of: The corporation's strong legal structure that successfully separates the revenue stream securing the bonds from the Commonwealth of Puerto Rico (general obligation rating: BBB/Stable); The resilient performance of the pledged sales tax revenues, which have...
Companies mentioned in this report are: Puerto Rico Sales Tax Fin Corp,Puerto Rico
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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.
Puerto Rico Sales Tax Fin Corp,Puerto Rico
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