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S&P Credit Research1212 word report
published Nov 03, 2009
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S&P Credit Research
| Abstract: | Standard&Poor's Ratings Services has assigned its 'A' long-term rating to Vermillion, S.D.'s $6.5 million electric revenue bonds, series 2009. The outlook is stable. Securing the bonds are revenues from a surcharge on all retail customer's bills dedicated to debt service on a transmission line project that will be partially funded by bond proceeds. In our opinion, the 'A' rating reflects: A rate covenant that includes what we believe is an adequate 25% cushion against sales declines, supplemented by a debt service reserve, and potential for interfund loans to make up any shortfalls; The electric system's good financial condition, in our view, A low-cost power supply, consisting of long-term contracts with wholesale public utilities, and A competitive position that
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Vermillion, South Dakota; Retail Electric Publication date: 03-Nov-2009 Primary Credit Analyst: Peter V Murphy, New York (1) 212-438-2065; peter_murphy@standardandpoors.com Secondary Credit Analyst:...
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| Report Type: | Summary
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| Issuer: | Vermillion
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| Sector: | Global Issuers, Public Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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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.
