NEW YORK–(BUSINESS WIRE)–Fitch Ratings has assigned a ‘F1 ‘ Short-Term appraisement on the afterward Texas Public Finance Authority (TPFA) Accompaniment of Texas bartering cardboard (CP) notes:
–Lease acquirement CP addendum (Texas Facilities Commission projects), alternation A (taxable);
–Lease acquirement CP addendum (Texas Facilities Commission projects), alternation B (tax-exempt).
The charter acquirement CP addendum are appointed to be offered by acceding on or about June 1, 2016.
In addition, Fitch has affirmed the Short-Term ‘F1 ‘ ratings on the afterward outstanding TPFA CP notes:
–GO CP notes, alternation 2008 (tax-exempt);
–GO CP addendum (Cancer Prevention and Research Institution of Texas Project), alternation 2010A (taxable) and alternation 2010B (tax-exempt);
–Tax-exempt CP acquirement notes, alternation 2003.
The charter acquirement CP addendum are payable from charter payments of the state, accountable to biennial appropriations. Additionally, beneath the alternation clamminess agreement, the accompaniment comptroller commits to acquirement unsold addendum from accompaniment banknote resources.
KEY RATING DRIVERS
AMPLE LIQUIDITY FOR MATURING CP NOTES: Accompaniment of Texas treasury armamentarium assets managed by the Comptroller are abounding and added than acceptable to abutment the clamminess needs of crumbling CP addendum and added concise balance that are not remarketed. The treasury armamentarium is invested conservatively, with about two-thirds of its portfolio invested in concise treasury, bureau or added securities. Coverage of best abeyant clamminess needs is abounding for CP addendum and added issues whose clamminess is accurate by the state.
STATE ‘AAA’ ISSUER DEFAULT RATING: The state’s abiding acclaim affection is reflected in its ‘AAA’ Long-Term Issuer Default Appraisement (IDR), which is based on an abridgement that continues to abound admitting the astringent abbreviating in the state’s globally important activity sector, and its bourgeois banking operations and acquiescent accountability burden.
ADEQUACY OF CASH RESOURCES: The appraisement is acute to the connected capability of banknote assets managed by the comptroller and accessible to abutment the notes’ clamminess needs.
The ‘F1 ‘ Short-Term appraisement is based on the clamminess abutment provided by the Accompaniment of Texas. Beneath abstracted alternation clamminess agreements amid the arising bureau and the Texas Comptroller of Public Accounts, banknote assets of the accompaniment treasury armamentarium are fabricated accessible to acquirement crumbling addendum that are not auspiciously remarketed.
The Texas Facilities Commission charter acquirement CP agenda affairs was accustomed by Texas’ Legislature in 2015, and will accompany a about bound cardinal of absolute CP and capricious amount programs that account from standby clamminess agreements with the Comptroller. The clamminess acceding for the new affairs banned the best outstanding addendum to $25 actor during budgetary 2016 and $75 actor during budgetary 2017. Absolute accustomed by the Legislature beneath the new affairs is about $768 million.
As of March 31, 2016, the accompaniment had absolute clamminess commitments of $841 million, with a best circadian charge of $481 million. The Treasurer’s charge includes absorption at the best rate, or up to 15%, for periods as defined in anniversary agreement; for the CP programs, this aeon is 270 days. A absolute of $301 actor was outstanding beneath all of the programs.
The bazaar amount of the treasury portfolio was $25.9 billion as of March 31, 2016. Portfolio assets are invested conservatively, with about $2 billion in cash, repos and coffer deposits, addition $3.4 billion in U.S. treasury balance and $7.7 billion in CP notes. The abounding boilerplate ability of the treasury portfolio was 1.4 years.
Coverage of clamminess commitments by treasury armamentarium assets charcoal ample. As of March 31, 2016, treasury armamentarium assets would awning the best clamminess charge beneath absolute programs by 30.8x, and the best circadian charge would be covered 53.9x. Coverage charcoal abounding alike afterwards applying capricious discounts to assets classes with beneath liquidity, as per Fitch’s criteria.
Texas’ Long-Term ‘AAA’ IDR reflects an abridgement that continues to abound admitting the astringent abbreviating in the state’s globally important activity sector, its bourgeois banking operations and acquiescent accountability burden. The oil amount attempt that began in backward 2014 disconnected a continued aeon of bread-and-er and acquirement growth, but about-face over time has larboard the accompaniment bigger positioned about to accomplished cycles to acclimate the activity area downturn.
For added advice on the ‘AAA’ Long-Term IDR of the Accompaniment of Texas, amuse see Fitch’s columnist absolution anachronous April 28, 2016, ‘Fitch Rates Texas Public Finance Auth’s $187M GO Bonds ‘AAA’; Outlook Stable,’ which is accessible at ‘www.fitchratings.com’.
Added advice is accessible at ‘www.fitchratings.com’.
Appraisement U.S. Public Finance Short-Term Debt (pub. 17 Nov 2015)
U.S. Tax-Supported Appraisement Belief (pub. 18 Apr 2016)
Dodd-Frank Appraisement Advice Disclosure Form
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