In comparing fiscal 2011 results with those from fiscal 2010 for the 34 SHFAs, Fitch found that total assets decreased by 5.4% while total debt decreased by 7.5%, reflective of the overall decline in new bond issuance. In fiscal 2011, 23 of the 34 SHFAs saw an increase in their net interest spread, which is the same amount that saw increases in the previous fiscal year. The median net interest spread, however, improved significantly from fiscal 2010, as it increased to 25.1% from 21.4% for the same 34 SHFAs.
The percentage of variable-rate debt outstanding for the 34 SHFAs decreased to 28% in fiscal 2011 from 29.4% in fiscal 2010. Approximately 64% of this debt is hedged with interest rate swap contracts, which is a slight decrease from previous years.
The full report is available in the Public Finance section of the Fitch Ratings website.