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KBRA Assigns AA Rating to the State of Florida State Board of Administration Finance Corporation Revenue Bonds, Series 2024A; Outlook is StableKBRA has assigned a long-term rating of AA with a Stable Outlook to the State of Florida State Board of Administration Finance Corporation Revenue Bonds, Series 2024A. Proceeds of the 2024A Bonds will be used, together with other funds, as a source of funds for the Florida Hurricane Catastrophe Fund ("FHCF") to reimburse participating insurers for insured losses in the State relating to any single hurricane that occurs in the contract year beginning June 1, 2024 and ending May 31, 2025, or thereafter. The rating reflects the Florida Hurricane Catastrophe Fund's ("FHCF's") strong debt repayment capabilities, which derive from its ability to levy assessments on almost all property and casualty insurance policies statewide. Assessments, if levied, are charged directly to policyholders and, while subject to single year and annual aggregate limits, can be collected for as long as bonds are outstanding. Key Credit Considerations The rating was assigned because of the following key credit considerations: Credit Positives
Credit Challenges
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To access rating and relevant documents, click here. Methodologies Disclosures 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. Doc ID: 1003670
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