Correction -- Fitch Rates Hillsborough County, Florida, $75MM CP Notes 'F1+'.NEW YORK -- (This is an amended version of a press release issued yesterday and contains revised information on the expiration date of the notes.) Fitch Ratings assigns a rating of 'F1+' to the $75 million Hillsborough County, Florida Hillsborough County is a county located in the U.S. state of Florida. The 2000 population was 998,948. In 2007, the Hillsborough County Planning Commission conducted a population estimate that put the county's population at 1,204,770. Its county seat is Tampa, Florida6. , subordinated utility revenue commercial paper notes, series A, series B (AMT See vPro. ), and series C (taxable). The rating on the notes is based on the irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) provided by State Street Bank and Trust Company The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the retail banking portion of this unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. (bank). The bank is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make payments of principal and interest on the series A and series B notes at maturity and the maturity value of the series C notes when due. The rating on the notes will expire on the earlier of Dec. 13, 2008, the expiration date of the LOC unless such date is extended or any prior termination of the LOC. Citigroup Global Markets Inc. is the dealer for the notes. The notes are expected to be issued on Dec. 14, 2005. U.S. Bank National Association, the issuing and paying agent, is directed to draw under the LOC to pay amounts due on the notes at maturity. The series A and series B notes will be sold at par and will bear interest at a rate not to exceed 12%, the maximum rate, based on a 365-day year. The series C notes will be sold at a discount which cannot exceed a discount rate in excess of the maximum rate. The total outstanding principal amount of the notes, together with interest to accrue to maturity and the maturity value of any series C notes, cannot exceed $75 million, the stated amount of the LOC. Following the occurrence of an event of default under the LOC agreement, the bank may direct the issuing and paying agent to stop issuing notes. Proceeds of the notes will be used to provide funds to pay the costs of the acquisition, construction and equipping of certain capital improvement projects of Hillsborough County's water and wastewater system. 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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