S&P Global Ratings assigned its 'AA+' long-term rating to the state of Oregon's general obligation (GO) bonds, including the approximately $11 million series 2025H veterans' welfare bonds (series 113 fixed-rate refunding) and almost $39 million series 2025I veterans' welfare bonds (series 114 fixed-rate). The outlook is stable. The series 2025H-I bonds are direct GOs of the state secured by its full faith and credit and ad valorem taxing power, as well as the revenues and reserves of the program. Our rating reflects our view of the state's full faith and credit pledge. Proceeds from the series 2025H bonds will be used to refund existing debt. Proceeds from the series 2025I bonds will be used to fund the Oregon War Veterans'
