Summary: Maine; Appropriations; General Obligation; Moral Obligation May 11

  • ID: 2045814
  • May 2011
  • Region: Maine
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and negative outlook, to Maine's 2011 general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its 'AA' rating on the state's GO debt outstanding, its 'AA-' rating on the authority's lease debt outstanding, and its 'A' rating on debt backed by the state's moral obligation. The outlook is negative, reflecting what we view as the increased accumulated deficit general fund position, which we believe could challenge the state, especially if revenue receipts are weaker than projected. The rating reflects what we consider the following strengths: Rapid debt amortization, with a strong legal framework for debt repayment; and Access to a large cash pool, which provides additional liquidity...

Companies mentioned in this report are:
- Maine

Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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