Alabama Public School and College Authority Bonds Put On CreditWatch Negative On Potential Of Refused Swap Payment - S&P Credit Research

Alabama Public School and College Authority Bonds Put On CreditWatch Negative On Potential Of Refused Swap Payment

713 words — Published Mar 27, 2009
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Abstract:
NEW YORK (Standard&Poor's) March 27, 2009--Standard&Poor's Ratings Services placed its 'AA' long-term rating and underlying rating (SPUR) on Alabama Public School and College Authority's capital improvement bond and capital outlay bonds on CreditWatch with negative implications. "We placed the ratings on CreditWatch with negative implications due to the potential that without guidance from a federal court, the state could refuse to pay a swap payment on May 1, 2009, which is on parity with the debt, and the potential for termination payments that could lower debt service coverage," said Standard&Poor's credit analyst Sussan Corson. The Authority currently has four floating-to-fixed-rate swap options for series 1998, 1999A, 1999C, and 1999D bonds. The swaption agreement was
  
Brief Excerpt:
RESEARCH Ratings Definitions Alabama Public School and College Authority Bonds Put On CreditWatch Negative On Potential Of Refused Swap Payment Publication date: 27-Mar-2009 Primary Credit Analyst: Sussan Corson, New York (1) 212-438-2014;...
  
Report Type:
Ratings Action
Issuer
Alabama Pub Sch&Coll Auth
Country
United States
Region
United States
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:
S&P Credit Research. "Alabama Public School and College Authority Bonds Put On CreditWatch Negative On Potential Of Refused Swap Payment" Mar 27, 2009. Alacra Store. Jun 18, 2013. <http://www.alacrastore.com/research/s-and-p-credit-research-Alabama_Public_School_and_College_Authority_Bonds_Put_On_CreditWatch_Negative_On_Potential_Of_Refused_Swap_Payment-712254>
  
APA:
S&P Credit Research. (). Alabama Public School and College Authority Bonds Put On CreditWatch Negative On Potential Of Refused Swap Payment Mar 27, 2009. New York, NY: Alacra Store. Retrieved Jun 18, 2013 from <http://www.alacrastore.com/research/s-and-p-credit-research-Alabama_Public_School_and_College_Authority_Bonds_Put_On_CreditWatch_Negative_On_Potential_Of_Refused_Swap_Payment-712254>
  
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