Michigan State Trunk Line Fund; Gas Tax Dec 11
Standard & Poors, December 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook to Michigan State Trunk Line Fund's series 2011 bonds. At the same time, Standard & Poor's affirmed its 'AA+' rating, with a stable outlook, on approximately $1.3 billion of parity bonds outstanding. The bonds are secured by revenues deposited into the state's trunk line fund, which are derived from a portion of motor fuel taxes, vehicle registration fees, and other transportation-related miscellaneous fees. The rating reflects what we view as: A large and diverse statewide economic base generating pledged transportation taxes (state GO rating AA-/Stable); Strong maximum annual debt service (MADS) coverage of 4.23x by the most recent historical financial results available for fiscal 2010; and A...
Companies mentioned in this report are:
- Michigan St Trunk Line Fd
- Michigan
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
- Michigan St Trunk Line Fd
- Michigan
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