July 25, 2012 / 8:45 PM / 5 years ago

TEXT-Fitch affirms Kentucky Infrastructure Authority bonds

(The following statement was released by the rating agency)

July 25 - Fitch Ratings has affirmed its 'AAA' rating on the following Kentucky Infrastructure Authority's (KIA) state revolving fund (SRF) bonds: --Approximately $322 million in outstanding wastewater and drinking water revolving fund revenue bonds. The Rating Outlook is Stable. In accordance with Fitch's newly released 'State Revolving Fund and Leveraged Municipal Loan Pool Criteria', Fitch's cash flow modeling demonstrates that the program can continue to pay bond debt service even with loan defaults in excess of Fitch's 'AAA' liability default hurdle, as produced using Fitch's Portfolio Stress Calculator (PSC). Liability default hurdles derived by the PSC are calculated based on overall pool credit quality as measured by the rating of underlying borrowers, size, loan term, and concentration. For more information, see 'Fitch Rates Kentucky Infrastructure Authority's SRF Bonds 'AAA'; Outlook Stable', dated March 12, 2012. (Caryn Trokie, New York Ratings Unit)

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