Summary: Pennsylvania Intergovernmental Cooperation Authority; Miscellaneous Tax - S&P Global Ratings’ Credit Research

Summary: Pennsylvania Intergovernmental Cooperation Authority; Miscellaneous Tax

Summary: Pennsylvania Intergovernmental Cooperation Authority; Miscellaneous Tax - S&P Global Ratings’ Credit Research
Summary: Pennsylvania Intergovernmental Cooperation Authority; Miscellaneous Tax
Published Jun 09, 2009
Published Jun 09, 2009
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Abstract:

Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Pennsylvania Intergovernmental Cooperation Authority's (PICA) special tax revenue refunding bonds (City of Philadelphia Funding Program) series of 2009. At the same time, we affirmed the 'AA' rating on the debt obligations outstanding. The ratings reflect what we view as PICA's: Enabling legislation that precludes additional future debt issuance; Strong debt service coverage that has ranged from 3.5x-4.0x in the past six fiscal years; and Projected debt service coverage that is expected to steadily improve annually, most significantly after fiscal 2009 as annual debt service requirements decline. Other rating factors in our view include: An economically sensitive revenue stream that has performed reasonably well over time; and

  
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Summary

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Public Finance
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S&P Global Ratings’ Credit Research. "Summary: Pennsylvania Intergovernmental Cooperation Authority; Miscellaneous Tax" Jun 09, 2009. Alacra Store. Dec 09, 2019. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Pennsylvania-Intergovernmental-Cooperation-Authority-Miscellaneous-Tax-726645>
  
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S&P Global Ratings’ Credit Research. (). Summary: Pennsylvania Intergovernmental Cooperation Authority; Miscellaneous Tax Jun 09, 2009. New York, NY: Alacra Store. Retrieved Dec 09, 2019 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Pennsylvania-Intergovernmental-Cooperation-Authority-Miscellaneous-Tax-726645>
  
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