Massachusetts; Gas Tax Dec 10
Standard & Poors, December 2010
Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Massachusetts' Commonwealth Transportation Fund's (CTF) revenue bonds (accelerated bridge program) 2010 series A (federally taxable - Build America bonds /Recovery Zone Economic Development bonds - direct pay to issuer). The bonds are secured by pledged revenues that include gasoline taxes and motor vehicle registration fees levied statewide. We base the rating 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 been relatively stable through economic cycles; The commonwealth's strong economic fundamentals, with a diverse economy and high income levels despite cyclical performance through the recent recession; Very strong debt service...
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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