Summary: Arkansas Development Finance Authority; General Obligation Jan 13

Standard & Poors, January 2013

Abstract
Standard & Poor's Ratings Services affirmed its 'AA' issuer credit rating (ICR) on Arkansas Development Finance Authority (ADFA). The outlook is stable. The rating reflects our view of the following strengths of the authority: The strong trends in financial performance; The very strong quality and low risk profile of the authority's asset base; The experienced management team; and The ongoing ability to meet its legislative mandate, and maintenance of a strong relationship with the state government. These strengths are partly offset by our opinion of the following weakness of the authority: The declining investment income. ADFA is the primary bond issuing authority in Arkansas. In addition to issuing affordable housing debt, the authority issues debt for economic development programs and...

Companies mentioned in this report are:
- Arkansas Dev Fin Auth

Action: Affirmed
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Arkansas Dev Fin Auth

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