KBRA Releases Report Assigning AA, Stable Outlook on State of Louisiana General Obligation Bonds, Series 2023-A

On March 30, 2023, KBRA assigned the long-term AA rating to the State of Louisiana General Obligation Bonds, Series 2023-A. The Outlook is Stable.

The bonds benefit from a pledge of the State’s full faith and credit to the punctual payment of principal and interest, further supported by the structure whereby all State money deposited in the State Treasury, excluding grants or donations, is first credited to the Bond Security and Redemption Fund (“BSRF”); under the administrative procedures of the State Treasurer’s office, monthly debt service requirements are set aside in the BSRF during the immediately preceding and current months, followed by monthly transfers of excess funds to the State’s general and other funds. KBRA understands that proceeds from the sale of the bonds will be used to finance various capital outlay projects.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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