Summary: Virginia Public School Authority; Appropriations; General Obligation; Moral Obligation Sep 09
- ID: 2025675
- September 2009
- Region: Virginia
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to Virginia Public School Authority's series 2009C school financing refunding bonds, supported by the commonwealth of Virginia ('AAA' general obligation [GO] debt rating, stable outlook). At the same time, we affirmed our 'AA+' underlying rating (SPUR), with a stable outlook, on the authority's parity debt outstanding. In our opinion, the long-term rating and SPUR reflect: The commonwealth's sum-sufficient appropriation for debt service on the authority's 1997 resolution bonds; The general creditworthiness of Virginia; The commonwealth's demonstrated history of appropriations for education; and The availability of a state aid intercept provision. Payments on local GO school bonds purchased by the authority (due 15 days before debt service on...
Companies mentioned in this report are:
- Virginia Pub Sch Auth
Action: New Rating
Action: Outlook: Stable
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