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Vermont; Tax Secured, General Obligation; Tax Secured, Note Aug 02
Standard & Poors, August 2002
The 'SP-1+' short-term rating on Vermont's RANs reflects the state's strong creditworthiness ('AA+' GO rating) and solid note debt service coverage. The notes are secured by the GO pledge of the state and, pursuant to state law, principal and interest can be paid without further order from the general fund, the transportation fund, or other applicable funds, or from proceeds of bonds or notes. Proceeds are being issued to facilitate cash flow management in the general fund for the current fiscal year. Coverage of the RANs at maturity by all funds' nonrestricted cash is 1.4 times. This is the first time since fiscal 1998 that the state has issued RANs for general fund cash management. The state does not expect...
Companies mentioned in this report are: Vermont
Action: New Rating
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Research Type: Full Analysis