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Guam; Sales Tax May 12
Standard & Poors, May 2012
Standard & Poor's Ratings Services assigned its 'A' long-term rating to the Government of Guam's $108.7 million series 2012B business privilege tax (BPT) bonds. Standard & Poor's also affirmed its 'A' long-term rating on Guam's $235 million series 2011A BPT bonds. The outlook on all ratings is stable. The rating reflects our view of the following credit strengths: A senior revenue pledge of three percentage points of the government's existing BPT, a 4% tax on business receipts, which makes up approximately one-third of Guam's general fund revenues; Very strong coverage of projected maximum annual debt service (MADS) at 6.3x using fiscal 2011 estimated pledged revenues (assuming no revenue growth), with coverage at 3.6x if Guam could issue up to the...
Companies mentioned in this report are: Guam
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