Alabama 21st Century Authority; Revenue - Utility, Other Aug 00

Standard & Poors, August 2000

Abstract
Alabama 21st Century Authority's bonds are secured by a pledge of certain master settlement agreement payments to be received by the state of Alabama. The rating reflects a number of factors, including very strong coverage of debt service even under severe stress scenarios, including: The issuance of additional debt up to the annual debt service limit permitted by current state statutes, which could ultimately increase annual debt service from current projections of $4.5 million to $13 million by 2002 and $16 million by 2018; Declines in cigarette consumption, including a scenario that assumes a 4.5% decline in shipment volume for 2000 and a 3.5% annual decline thereafter; An increase in the market shares of the firms that are nonparticipating manufacturers...

Companies mentioned in this report are: Alabama 21st Century Auth
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

Alabama 21st Century Auth

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