S&P Global Ratings assigned its 'AAA' long-term rating to the Oregon Department of Administrative Services' (ODAS) series 2025A (tax-exempt projects and refunding) state lottery revenue bonds and 2025B lottery revenue bonds (federally taxable projects). At the same time, we affirmed our 'AAA' long-term rating and underlying rating on ODAS' parity debt outstanding. The outlook is stable. The bonds are secured by a lien on unobligated net lottery proceeds, consisting of all lottery revenue except prizes, expenses, and certain other allocations. The pledge is senior to constitutional and statutory distributions of net lottery revenue for various purposes, including portions directed to the parks and natural resources fund, public education, veterans' services, and outdoor school programs, as well as a transfer of
