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Summary: Ohio Water Development Authority; State Revolving Funds/Pools Oct 09
Standard & Poors, October 2009
The 'AAA' ratings on Ohio Water Development Authority's (OWDA) water pollution control loan fund (WPCLF) and drinking water assistance fund (DWAF) revenue bonds reflect the following credit factors: High debt service coverage levels combined with cross-collateralization between the surplus funds of the DWAF and the WPCLF; Excellent track record of loan repayments from both the DWAF and the WPCLF programs' large portfolio of borrowers; and Very capable, experienced, and proactive management team. These factors mitigate concerns about a weak additional bonds test of 1.05x coverage and the authority's ability to depledge loans. The authority is planning on depledging $2 billion of outstanding loans, the interest portion of which are pledged to repayment on WPCLF state match bonds. We do not...
Companies mentioned in this report are:
- Ohio Wtr Dev Auth
Action: Outlook: Stable
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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.
- Ohio Wtr Dev Auth