Fitch: SRF and MLP Performance Remains Strong

CHICAGO--()--Link to Fitch Ratings' Report: State Revolving Fund and Leveraged Municipal Loan Pool (2014 Peer Review)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=806628

State Revolving Fund (SRF) and Leveraged Municipal Loan Pool (MLP) programs remain highly rated with strong performance, according to a Fitch Ratings report.

'The high ratings reflect the significant pledged program equity combined with repayments from a pool of pledged loans from high-quality governmental entities,' said Major Parkhurst, Director at Fitch Ratings.

Approximately 76% of the pooled bond programs are rated 'AAA' by Fitch; all but one of which are traditional SRF programs. The remaining programs fall into the 'AA' rating category and are predominately transportation or infrastructure MLPs.

Since Fitch's last peer review in 2013, minimum annual debt service coverage has increased slightly as many SRF programs continue to migrate from a reserve fund to a cash flow model-based structure as described within the report.

For more information, a special report titled 'SRF and MLP Peer Study' is available on the Fitch Ratings web site at www.fitchratings.com, or by clicking on the link.

Additional information is available at 'www.fitchratings.com'.

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Contacts

Fitch Ratings
Primary Analyst
Major Parkhurst
Director
+1-512-215-3724
Fitch Ratings, Inc
111 Congress Ave. Suite #2010
Austin, TX 78701
or
Secondary Analyst
Adrienne M. Booker
Senior Director
+1-312-368-5471
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Major Parkhurst
Director
+1-512-215-3724
Fitch Ratings, Inc
111 Congress Ave. Suite #2010
Austin, TX 78701
or
Secondary Analyst
Adrienne M. Booker
Senior Director
+1-312-368-5471
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com