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KBRA Rates the State of Delaware GO Bonds

October 5, 2018

NEW YORK--(BUSINESS WIRE)--Oct 5, 2018--On October 3, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AAA with a Stable Outlook to the State of Delaware’s General Obligation Bonds.

KBRA’s rating is based on the State’s very strong financial management policies and practices, its strong financial position and liquidity and a diverse economy anchored by financial services, chemicals and related industries, the healthcare sector and higher education. KBRA views the financial position of the State as very strong based on its conservative budgeting policies, its comprehensive and timely process of revenue estimation, high levels of financial reserves and strong liquidity position. The State’s budgetary General Fund revenue sources reflect the importance of the financial services and corporate activities industry and historically these revenues have shown some volatility. In KBRA’s view, the State is somewhat reliant on these revenue sources for its budgetary General Fund operations; however, this concern is offset by the State’s conservative management of its finances, its revenue estimation process and the State’s ability to adjust disbursements.

The Stable Outlook reflects the State’s strong financial management framework, including the Delaware Economic and Financial Advisory Council (DEFAC) revenue estimation process and conservative budgeting practices, which KBRA believes will continue to support the State’s strong financial performance. The outlook also reflects KBRA’s recognition of the State’s ongoing efforts to maintain its leading role in corporate business development and the financial services industry.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181005005400/en/

CONTACT: Kroll Bond Rating Agency

Analytical

Kate Hackett, 646-731-2304

Managing Director

khackett@kbra.com

or

Patricia McGuigan, 646-731-3350

Director

pmcguigan@kbra.com

or

Justin Schneider, 646-731-2453

Senior Analyst

jschneider@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA DELAWARE NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2018.

PUB: 10/05/2018 12:10 PM/DISC: 10/05/2018 12:10 PM

http://www.businesswire.com/news/home/20181005005400/en

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