Summary: Virginia Public School Authority Montgomery County; Appropriations; General Obligation Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating and stable outlook to Virginia Public School Authority's series 2011 special obligation school financing general obligation (GO) bonds, issued for Montgomery County, and affirmed its 'AA' underlying rating (SPUR), with a stable outlook, on the county's existing GO debt. Standard & Poor's also affirmed its 'AA-' long-term rating and SPUR, with a stable outlook, on the county's appropriation debt. The 'AA' rating reflects our opinion of the county's: Continued growth and diversification of the employment base, anchored by Virginia Polytechnic and State University (Virginia Tech), coupled with, what we consider, strong wealth and adequate income that are somewhat mitigated by the sizable student population; Continuation of modest property tax base...

Companies mentioned in this report are: Montgomery Cnty,Virginia Pub Sch Auth,Montgomery Cnty Indl Dev Auth,Montgomery Cnty Econ Dev Auth
Action: Affirmed
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.

Montgomery Cnty,Virginia Pub Sch Auth,Montgomery Cnty Indl Dev Auth,Montgomery Cnty Econ Dev Auth

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