Summary: Virginia; Tax Secured, General Obligation Mar 05
- ID: 2025694
- March 2005
- Region: Virginia
- Standard & Poors
Virginia Public School Authority's series 2005B school financing bonds (1997 resolution) have been rated 'AA+'. The 'AA+' standard long-term rating and Standard & Poor's underlying rating (SPUR) on the authority's outstanding school financing bonds (1997 resolution) have been affirmed. The ratings reflect the commonwealth of Virginia's: "Sum sufficient" appropriation for debt service on the authority's 1997 resolution bonds, Strong history of appropriations for education, and Default avoidance aspect of its state aid intercept provision. The bonds are secured by: Payments on local GO school bonds purchased by the authority, which are due 15 days before debt service on the authority's bonds; and The state aid intercept provision. An amendment to the authority's enabling act, passed by the General Assembly and...
Companies mentioned in this report are:
- Virginia Pub Sch Auth
Action: New Rating
Action: Outlook: Stable
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