KBRA Assigns AAA Rating to Oregon State Lottery Revenue Bonds, 2024 Series A - D; Affirms Rating for Parity Bonds
KBRA assigns a long-term rating of AAA to the State of Oregon Department of Administrative Services: Oregon State Lottery Revenue Bonds, 2024 Series A (Tax-Exempt Projects & Refunding); Oregon State Lottery Revenue Bonds, 2024 Series B (Federally Taxable Projects); Oregon State Lottery Revenue Bonds, 2024 Series C (Tax-Exempt Refunding); and, Oregon State Lottery Revenue Bonds, 2024 Series D (Tax-Exempt Refunding).
- KBRA assigns a long-term rating of AAA to the State of Oregon Department of Administrative Services: Oregon State Lottery Revenue Bonds, 2024 Series A (Tax-Exempt Projects & Refunding); Oregon State Lottery Revenue Bonds, 2024 Series B (Federally Taxable Projects); Oregon State Lottery Revenue Bonds, 2024 Series C (Tax-Exempt Refunding); and, Oregon State Lottery Revenue Bonds, 2024 Series D (Tax-Exempt Refunding).
- KBRA additionally affirms the long-term rating of AAA for parity Oregon State Lottery Revenue Bonds.
- The rating actions reflect the following key credit considerations:
The Lottery enjoys statewide support as an essential resource, funding 6.1% of FY 2023 State General Fund expenditures. - Sustained decline in Lottery sales that results in significantly diminished coverage of Lottery Revenue Bond debt service from unobligated net lottery proceeds.