The Baa rating
assigned to the current offering reflects these positive features as well as the full funding of the debt service reserve created by the sale.
NEW YORK, April 29 /PRNewswire/ -- Moody's Investors Service has confirmed the Baa rating
assigned to commonwealth of Massachusetts general obligations in connection with the commonwealth's sale, expected later this week, of approximately $175 million general obligation refunding bonds, 1992 series A and 1992 series B.
The Airport's Baa rating
reflects DIA's strategic role in the national air transportation system, its strong origination and destination passenger market, and the continued expectation that DIA will remain a strategic hub for United Airlines.
Its prior Baa rating
was suspended in August 1988 due primarily to this litigation.
Thus, they should be a good approximation of the expected recovery rates of Baa ratings
, a category falling between the high-quality investment grade bonds (like Aaa, Aa, and A) and the speculative grades (like Ba, B, and Caa-C).
The 239 securities originally rated Baa on which action was taken represented 19 percent of the total number of Baa ratings
issued in 2006; the 185 securities originally rated Ba on which action was taken represented 42 percent of the total number of Ba ratings issued in 2006; and the 7 securities originally rated A on which action was taken represented 0.
As a result of the review, rating action was taken today on four of the seven rated counties, resulting in two rating confirmations and two downgrades: Baa ratings
were confirmed for Hampden and Hampshire Counties, Bristol County was revised from 'Baa1' to 'Baa', and Norfolk County was revised from 'A1' to 'Baa1'.