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Summary: Virginia Public School Authority; Appropriations; General Obligation; Moral Obligation Sep 09

  • ID: 2025675
  • September 2009
  • Region: Virginia
  • Standard & Poors


  • Virginia
  • Virginia Pub Sch Auth
  • MORE

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
- Virginia Pub Sch Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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- Virginia
- Virginia Pub Sch Auth

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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