PHOENIX — Fitch Ratings has affirmed Oregon's general obligation bond rating at AA-plus.

The agency affirmed the state's $5.56 billion in outstanding GO bonds ahead of its upcoming $29 million deal. In affirming the bonds, Fitch noted that Oregon is heavily dependent on "highly volatile" personal income taxes but added that Oregon's "strong financial management" offsets that negative.

"The state's management reviews revenue and economic forecasts quarterly and takes measures as necessary to maintain balance," Fitch said. "State reserve levels were drawn upon among balancing measures in the downturn, but the state is committed to rebuilding reserves in the current, and future, biennia."

Debt levels are above average for a U.S. state but are only a moderate burden on resources, according to Fitch.

"On a combined basis, the burden of the state's net tax-supported debt and unfunded pension obligations approximates the median for U.S. states," Fitch said. "Other post-employment benefit obligations are small."

Fitch also affirmed $518 million outstanding state appropriation-backed bonds at AA.

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