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Alaska; Appropriations; General Obligation; Moral Obligation Jun 10
Standard & Poors, June 2010
Abstract
Standard & Poor's Ratings Services has affirmed its 'AA+' general obligation (GO) debt rating, 'AA' lease ratings, and 'A+' moral obligation ratings, with a stable outlook, on the state of Alaska. The ratings reflect the creditworthiness of the state GO, which in our view reflects: Strong financial management, with very significant financial reserves and generally conservative forecasting--a prudent policy in view of the state's revenue reliance on what we see as volatile oil-derived revenues, which fluctuate with the price of oil. Financial flexibility is enhanced, in our view, by the maintenance of large reserves derived from windfall oil revenues in 2008 and the forward funding of substantial future years' expenditures with current year revenues. The continued extension of the North...
Companies mentioned in this report are: Alaska
Action: Affirmed
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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