Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Connecticut's series 2007A special tax obligation bonds. The rating reflects the state's: Strong legal provisions that limit parity debt issuance, coupled with a fully funded debt service reserve account; Solid 3.0x coverage for senior bonds and 2.7x maximum annual debt service (MADS) coverage by unaudited fiscal 2007 pledged revenues, with positive trends in pledged revenue receipts; Established 20-year-plus successful track record in administering the program, with $5.3 billion in debt issued since 1988; Strong management; and Continued efforts to maintain a balance between revenue sources and programmatic responsibilities. Credit risks include: A sizable, but well-defined, capital improvement program (CIP) that includes annual future debt issuance; and A
