Standard & Poor's Ratings Services has affirmed its 'AA-' long-term rating and underlying rating (SPUR) on Minnesota Governmental Agency Finance Group's public project revenue bonds (Flexible Term program). The rating primarily reflects the program's ability to provide sufficient liquidity to offset, at the 'AA' category rating level, the following factors: Defaults during the first four years of debt service, accounting for recoveries of previous defaulted loan revenues and interest earnings; and Deficiencies in investment earnings as drawdowns on the program's reserves are used to cure projected defaults when they occur. Additional factors supporting the rating include: Agreements that require program participants to repay draws on the reserve fund and accrued interest within one year; Most participants required to set rates...
Companies mentioned in this report are: Minnesota Govermental Agy Fin Grp
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