The Program has been reviewed and rated A- by Standard and Poor's. This rating is updated periodically to make sure that the quality of the guarantee is maintained. Standard and Poor's is one of the most respected financial rating agencies in the country. This A- rating renders the bonds investment grade quality which makes access to the national capital markets a possibility. These additional costs include underwriter's discount, bond counsel fees, printing costs, Trustee fees and the bond rating fee.
Some costs associated with issuing bonds are approximately the same regardless of size.
In order to minimize the effect of these costs, ADFA utilizes a pooling concept by combining several separate projects in one composite bond issue. Each borrower then pays its proportionate share of the single issue cost instead of each paying the full costs separately.