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 Pub Sch Auth
Action: New Rating
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Research Type: Full Analysis