Summary: Oklahoma Water Resources Board; State Revolving Funds/Pools Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating, with a stable outlook, to the Oklahoma Water Resources Board's (OWRB) state loan program revenue bonds, series 2012. At the same time, Standard & Poor's affirmed its 'AAA' rating on the board's state loan program revenue bonds outstanding. The 'AAA' rating reflects our assessment of the program's: Substantial program reserves, coupled with annual coverage, that exceed Standard & Poor's requirements for 'AAA' rated pools, given the potential default rates; The strong history of borrower repayment, with no loans in default; Strong financial management and program oversight; and Sound underwriting standards and strong loan requirements to local borrowers. Board officials will use bond proceeds to fund an additional loan to Broken Arrow...

Companies mentioned in this report are:
- Oklahoma Wtr Resources Brd

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.

- Oklahoma Wtr Resources Brd

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