...The State of Oregon's 'AA+' Long-Term Issuer Default Rating (IDR) and GO bond ratings reflect the state's strong revenue and spending control, low liabilities and prompt actions to maintain financial flexibility during challenging revenue periods. The state's operating performance is sustained by a diverse economy with strong long-term growth prospects. Strong financial management is critical to the rating given that the state's revenue structure is largely dependent on personal income tax (PIT), increasingly from middle- and upper-income earners. The state is exposed to voter initiatives that can have negative fiscal impacts and constitutional "kicker" provisions that limit revenue growth captured by the state. The Positive Rating Outlook reflects Fitch's view that Oregon appears on track to achieve and sustain material increases in gap-closing capacity, as the state maintains increased reserves in its Education Stability Fund (ESF) and Rainy Day Fund (RDF)....
