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Alaska; General Obligation Mar 09
Standard & Poors, March 2009
Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to Alaska's general obligation (GO) debt. The rating reflects: Our opinion of Alaska's strong financial management, with very significant financial reserves to weather the current downturn in oil prices--a prudent policy in view of the state's revenue reliance on oil-derived revenues and the significant volatility in the price of oil. Financial flexibility is enhanced, in our view, by the historical use revenues in years of high oil prices on one-time expenditures and the building up of reserves, as well as the state's increasing ability to use interest earnings from reserve funds to partially pay for general fund operations. The continued extension of the North Slope oil production...
Companies mentioned in this report are: Alaska
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
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