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Virginia Public School Authority Virginia; Moral Obligation Oct 09
Standard & Poors, October 2009
Standard & Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to Virginia Public School Authority's series 2009 qualified school tax credit bonds, supported by the commonwealth of Virginia. In our opinion, the rating reflects: The commonwealth's sum-sufficient appropriation for debt service on the authority's 2009 resolution bonds, The general creditworthiness of Virginia (AAA/Stable general obligation (GO) debt rating), The commonwealth's demonstrated history of appropriations for education, and The availability of a state aid intercept provision. Officials are planning to use 2009 bond proceeds to purchase GO local school bonds issued by Virginia localities to finance capital improvement projects for public schools. Payments on the local school bonds purchased by the authority, the state aid intercept provision, and the...
Companies mentioned in this report are: Virginia,Virginia Pub Sch Auth
Action: New Rating
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.
Research Type: Full Analysis
Virginia,Virginia Pub Sch Auth