PubFinCriteria_2006_part1_final1.qxp

Public Finance Criteria 2007 ...

Public Finance Criteria 2007 ...

Published by Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc. Executive offices: 1221 Avenue of the Americas ...

S tandard & Poor’s Ratings Services is pleased to present the 2007 edition of Public Finance Criteria, which we hope you wil ...

I. Introduction ...

Introduction to Public Finance Criteria ................................................................................ Short- ...

S ince beginning its credit rating activities in 1916, Standard & Poor’s Ratings Services has rated hundreds of thousands of ...

easily usable tools for differentiating credit quality, because a Standard & Poor’s credit rating is judged by the market to ...

address the put feature, in addition to the usual long-term rating. Medium-term notes are assigned long-term ratings. A Standard ...

or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the ...

A- Capacity for timely payment on issues with this designation is satisfactory. However, the relative degree of safety is not as ...

Note Ratings S hort-term debt instruments rated by Standard & Poor’s Ratings Services include cash flow notes such as tax an ...

Pledged revenues typically are segregated by an issuer in its own accounts. In some cases, pledged revenues may be segregated in ...

issue in the event of an issuer’s investment losses or even its insolvency. Liquidity Analysis Cash flow statement analysis The ...

may be an indication of historically volatile rev- enues or inconsistent management forecasting abilities and can raise question ...

Cash Flow Note Pools Multiple-issuer TRAN pools are most often struc- tured as several obligations of various participants— mean ...

rating TANs and TRANs for detail on the analysis of the individual cash flows. Once that principal portion is determined, the re ...

market demand. Since the maturity of a BAN is sig- nificantly shorter than a series of bonds, the credit risk of a downgrade tha ...

authorized since ratings reflect the issuer's ongoing ability to provide funds to meet maturing CP. Also, the issuer does not ha ...

‘A-1’, the long-term credit rating would need to be at least ‘A-’. When an obligor has multiple lien positions, Standard & P ...