Correction: Fitch Rates The School Board of Orange Co., Florida $105MM COPs Var Rate 2007B 'AAA/F1+'.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 an amended version of a press release issued earlier today containing revised information on the initial interest payment date of the COPs.) 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. assigns a rating of 'AAA/F1+' to the $105,000,000 School Board of Orange County, Florida Orange County is a county located in the U.S. state of Florida and is part of the Orlando-Kissimmee Metropolitan Statistical Area (MSA). As of 2006 Census Bureau estimates, the population is 1,043,500. [1] The county seat is Orlando. certificates of participation (COPs), series 2007B (variable rate certificates). The long-term 'AAA' rating assigned to the COPs is based on the support of a municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy provided by Financial Guaranty Insurance Company (FGIC FGIC See Financial Guaranty Insurance Corporation (FGIC). ), which insures scheduled payments of principal and interest on the COPs, effective as of the date of issuance of the COPs. The insurance policy will be in effect until the COPs mature on Aug. 1, 2032. The short-term 'F1+' rating assigned to the COPs is based on the support of a standby bond purchase agreement (SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards ), provided by JPMorgan Chase Bank, National Association. The SBPA provides for the payment of the purchase price of tendered COPs during both the daily and weekly interest rate periods. The COPs initially bear interest in the daily rate mode, but may be converted to a weekly, short-term, auction or long term interest rate mode. The SBPA is sized to cover the principal portion of the purchase price and 35 days of interest at the maximum rate of 12%, based on a year of 365 days. The SBPA will expire on the initial stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of June 29, 2012, unless such date is extended, or upon the occurrence of other events of termination, as specified in the SBPA. The remarketing agent for the COPs is Citigroup Global Markets Inc. The COPs are expected to be delivered on or about June 29, 2007. While COPs bear interest in the daily rate mode, interest will be payable on the fifth business day of each month, commencing Aug. 7, 2007. During the daily rate mode, holders may tender their COPs for purchase on any business day, following the requisite prior notice to the tender agent and the remarketing agent. The COPs are subject to mandatory purchase: (i) upon any conversion of the interest rate, (ii) on the fifth business day preceding the expiration or termination of the SBPA, (iii) on the substitution date of the SBPA, (iv) on the 20th day following the tender agents receipt of a notice of termination from the liquidity provider. The short-term rating on the COPs will expire upon any expiration or termination of the SBPA. Optional and mandatory redemption provisions also apply to the COPs pursuant to the terms of the documents. The proceeds of the COPs will be used to finance a portion of the cost of the acquisition and construction of the certain educational facilities. 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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