Summary: Florida; General Obligation Nov 11
Standard & Poors, November 2011
Abstract
Standard & Poor's Ratings Services has assigned its 'AAA' rating to Florida's State Board of Education capital outlay series 2011A refunding bonds. At the same time, Standard & Poor's affirmed its 'AAA' rating on Florida's parity debt and its 'AA+' rating on the state's appropriation debt. The outlook is stable. The 'AAA' rating reflects our view of the state's: Significant progress in restoring structural budget balance after changes in economic growth trends, the phase-out of American Recovery and Reinvestment Act stimulus funding, and other budgetary concerns; Reserves that have been greatly depleted in the past few years but are being replenished. When coupled with trust fund reserves, they continue to be at levels that we consider strong and help offset...
Companies mentioned in this report are:
- Florida
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.
Florida
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