Summary: Government of Guam; Appropriations; General Obligation Aug 10

Standard & Poors, August 2010

Abstract
Standard & Poor's Ratings Services assigned its 'B' rating to the Government of Guam's $70.2 million series 2010A certificates of participation, or COPs (John F. Kennedy High School Project). At the same time, Standard & Poor's affirmed its 'B+' rating on Guam's outstanding general obligation (GO) bonds. The outlook is stable. The rating on the certificates reflects our view of: The Department of Education of GovGuam's covenant to annually budget and appropriate lease payments throughout the term of the lease, Annual appropriation risk, and Guam's general credit characteristics. Guam's general credit characteristics include what we consider to be the government's highly speculative-grade credit factors, including: The government's continued very large general fund deficit position, long-term liabilities, and operating cash flow...

Companies mentioned in this report are: Guam
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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Guam

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