![]() ![]() However, strong underlying loan provisions provide security of loan principal from primarily water and sewer revenue or general obligation pledges. SOUND SRF POOL CHARACTERISTICS: An estimated 60% of pledged borrowers are small, non-rated entities. This is in excess of Fitch’s ‘AAA’ liability default hurdle of 54% as produced using Fitch’s Portfolio Stress Calculator (PSC), which is derived based on overall pool credit quality as measured by the rating of underlying borrowers, size, loan term, and concentration. ![]() STRONG FINANCIAL STRUCTURE: Fitch’s cash flow modeling demonstrates that ADFA’s state revolving fund (SRF) program can continue to pay bond debt service even with portfolio loan defaults of 100% (the default tolerance rate) over any four-year period.
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