Summary: Virginia Public School Authority; Appropriations; Moral Obligation Oct 09
- ID: 2025773
- October 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 2009D school financing refunding bonds, supported by Virginia ('AAA' general obligation [GO] debt rating, stable outlook). At the same time, Standard & Poor's affirmed its 'AA+' underlying rating (SPUR), with a stable outlook, on the authority's parity debt. In our opinion, the ratings 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 the authority's bonds), the state...
Companies mentioned in this report are:
- Virginia Pub Sch Auth
Action: New Rating
Action: Outlook: Stable
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