กรุงเทพฯ--17 ต.ค.--Standard & Poor's
Standard & Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'A+' from 'AA-' on Oregon Community College Districts' series 2005 taxable limited-tax pension obligations. The outlook is negative.
The rating action reflects our view of a decline in interceptable state revenues that are pledged for debt service by Clatsop Community College District to less than 2x for fiscal 2012. The 'A+/Negative' rating is equivalent to our opinion of the district's limited-tax full faith and credit pledge to meet its portion of debt service requirements on the series 2005.
The ratings further reflect our view of:
- Bond provisions that require the state to deposit state aid revenues directly to a trustee prior to scheduled principal and interest payments;
- An additional bonds test that requires pledged interceptable state receipts for each participant to be at least equal to 2x annual debt service during the past three years; and
- A pledge of each participant's full faith and credit, including taxing authority within statutory and constitutional limits.
"The negative outlook reflects our view of Clatsop Community College District's substantially weakened but still adequate general fund position on a budgetary basis for fiscal 2011," said Standard & Poor's credit analyst Chris Morgan. "The outlook also reflects our view of the need for likely difficult budget revisions to balance fiscal 2012 operations," Mr. Morgan.
CRITERIA AND RESEARCH
- USPF Criteria: Special Tax Bonds, June 13, 2007
- USPF Criteria: GO Debt, Oct. 12, 2006
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ola Fadahunsi, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Chris Morgan, San Francisco (1) 415-371-5032
James Breeding, Dallas (1) 214-871-1407