KBRA Releases Report Assigning AA Rating, Stable Outlook on State of Louisiana General Obligation Refunding Bonds Series 2024-C, 2024-D, 2024-E and 2025-A (Forward Delivery)

On August 1, 2024, KBRA assigned the long-term rating of AA with a Stable Outlook to the State of Louisiana General Obligation Refunding Bonds, Series 2024-C, Series 2024-D, Series 2024-E, and Series 2025-A (Forward Delivery). Concurrently, KBRA affirmed the AA long-term rating and Stable Outlook on parity General Obligation bonds outstanding.

The current offerings (collectively, the “bonds”) benefit from a pledge of the State’s full faith and credit to the punctual payment of principal and interest. The pledge is further supported by a legal framework which provides for all State money deposited in the State Treasury, excluding grants or donations, to be 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. Proceeds from the sale of the bonds will be used towards the current or forward refunding of, or tender offer for, certain maturities of taxable and tax-exempt bonds outstanding.

To access rating and relevant documents, click here.

Click here to view the report.