Correction: Fitch Rates New York State EFC NYC Water Finance Auth Sr Bonds 'AAA'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is a corrected version of a press release issued earlier today. The earlier version inaccurately stated a rating. The correct rating for $444 million of outstanding EFC EFC Expected Family Contribution EFC Expect(ed) Further Clearance EFC Evangelical Fellowship of Canada EFC Evangelical Free Church EFC Eastfield College EFC Everton Football Club EFC Electronic Fee Collection NYCMWFA Projects subordinate lien bonds is 'AA+'. This rating has been affirmed.) Fitch Ratings-New York-September 21, 2005: The New York State Environmental Facilities Corporation (EFC) $219,320,933 state clean water and drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. revolving funds revenue bonds (New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Municipal Water Finance Authority Projects -- second resolution bonds), series 2005C are rated 'AAA' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . In addition, Fitch affirms the 'AAA' rating on approximately $3.2 billion of outstanding EFC New York City Municipal Water Finance Authority Projects (NYCMWFA) senior lien senior lien n. the first security interest (lien or claim) placed upon property at a time before other liens, which are called "junior" liens. (See: mortgage, deed of trust, lien, UCC-1) bonds. Fitch also affirms the 'AA+' rating on approximately $444 million of outstanding EFC NYCMWFA Projects subordinate lien bonds. The Rating Outlook is Stable. The bonds are scheduled to price on Sept. 26 through negotiation led by First Albany Capital, Inc. Proceeds from the series C bonds will be used to fund New York City Municipal Water Finance Authority water pollution control and drinking water projects. The EFC finances most of its state revolving funds (SRF SRF abbr. somatotropin-releasing factor ) loans to the NYCMWFA by issuing bonds (EFCNYC bonds) under a master trust indenture separate from the master financing indenture (MFI MFI Microfinance Institution MFI Money Flow Index MFI Melt Flow Index MFI Median Family Income MFI Malaria Foundation International MFI Massachusetts Family Institute MFI Multi-port Fuel Injection (automobile) ) for all other leveraged SRF participants. SRF loans made to the authority are typically funded outside the EFC's MFI pooled loan program to mitigate single-borrower concentration risks resulting from the authority's significant capital needs. Debt service on senior lien EFCNYC bonds is paid from authority loan repayments and reserve earnings. In addition, substantial reserves are available to pay debt service in the event of deficiencies. The bonds are further secured by released reserves from the statewide MFI on a subordinate basis. MFI reserves as of Sept. 15, 2005 equaled approximately $891.9 million, or over 45% of the outstanding MFI bond principal at that time. The 'AAA' rating on the EFCNYC's senior bonds reflects the strong payment interruption tolerance due to substantial reserves. Including this issue, reserve levels will be over $1.8 billion, or more than 50%, of outstanding EFCNYC senior bond principal. The reserves are sufficient for the bonds to perform even assuming 100% defaults of the loan repayments for the first four years without interrupting payment of debt service. This level of default tolerance combined with the highly unlikely possibility that an essential service provider such as the authority would experience a lengthy period of default provides the basis for the 'AAA' rating. Furthermore, the simulated stress test does not include reserves released under the MFI pooled program, which are available for payment of debt service. While the EFCNYC bonds are secured by reserves released from the MFI pooled loan program (rated 'AAA' by Fitch), the reserves are only available after meeting deficiencies for MFI senior and subordinate bonds. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria, and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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