- Language: English
- Published: October 2011
- Region: Virginia
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,Virginia Pub Sch Auth
Action: New Rating
Action: Outlook: Stable
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >