State of Oregon – Oregon State Lottery Revenue Bonds Rating Report
Rating Summary
The rating reflects the consistently strong coverage of annual debt service provided by the Unobligated Net Lottery Proceeds derived from the Oregon State Lottery (the Lottery), sound legal and security provisions, including a constitutionally required priority lien on Unobligated Net Lottery Proceeds; the State’s solid economic and financial position, and the essentiality of the Lottery to the State’s operating and capital budgets. KBRA believes operating risks are minimal, limited to an unexpected prolonged severe economic downturn that significantly reduces demand for Lottery games and related Unobligated Net Lottery Revenues.
Proceeds of the Series 2026 Bonds will fund a variety of loans or grants for projects across the State, a deposit to the Prior Bonds Reserve Subaccount, and the costs of issuance. With the issuance of the Series 2026 Bonds, there will be approximately $1.5 billion in Lottery Revenue Bonds outstanding.
Lottery Revenue Bonds are payable from a…
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