Massachusetts; Gas Tax May 12
Standard & Poors, May 2012
Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Massachusetts' series 2012A commonwealth transportation fund's (CTF) revenue bonds (accelerated bridge program). At the same time, Standard & Poor's affirmed its 'AAA' rating, with a stable outlook, on the commonwealth's gas tax bonds (senior lien and subordinated lien) outstanding. The CTF bonds are secured by pledged revenues that include gasoline taxes and motor vehicle registration fees levied statewide. The gas tax bonds are secured by a first lien on 6.86 cents of the state levied gas tax. We base the ratings on what we view as the following credit strengths: A strong and diversified revenue mix that is levied statewide (population of 6.5 million) and has...
Companies mentioned in this report are: Massachusetts
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
Massachusetts
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