COPs Coming

Kelemen, Jasmina
March 2005
Bond Buyer;3/4/2005, Vol. 351 Issue 32083, p35
Trade Publication
The article focuses on the $13.6 million of certificates of participation (COPs) of the state of Washington. Ahead of the deal, Moody's Investors Service Inc. assigned a rating of Aa2 and a negative outlook to the COPs. Standard & Poor's Corp. and Fitch Ratings Inc. did not rate the COPs. The rating agency cited as credit strengths the state's Aal rating and established track record of making appropriation-backed debt payments. Moody's said in a report that to date, Washington has never failed to appropriate funds for an outstanding lease obligation.


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