Fitch Affirms $500MM Port Auth of NY & NJ CP Obligations, Series A & B '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 -- 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. affirms the 'F1+' rating assigned to the $500,000,000 Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. (the Authority), commercial paper obligations, comprising $300,000,000 series A and $200,000,000 series B (the notes). The short-term 'F1+' rating on the notes is based both on the internal liquidity of the Authority and the external liquidity support provided by Landesbank Hessen-Thuringen, acting through its New York Branch (Helaba), in the form of a Revolving Credit Agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. (RCA See RCA connector and video/TV history. ). The rating will expire on the earlier of Dec. 31, 2010, the expiration date of the advance period, as defined in the RCA, or upon any prior termination of the RCA. Pursuant to a Resolution approved by the Board of Commissioners of the Port Authority on May 26, 2005, and under the terms of the RCA, the total principal amount of series A and B notes that may be outstanding at any time cannot exceed the maximum principal amount of $300 million and $200 million, respectively. This limitation on the amount of notes that may be issued also includes the prior series A and B commercial paper notes, (the prior notes) that may be outstanding until Dec. 31, 2005. The prior notes were issued through the Resolution of June 29, 2000 and at the time of their issuance were also rated 'F1+' based upon the internal liquidity support of the Authority and the external liquidity support provided by the RCA (the prior RCA) issued severally by the Bank of Nova Scotia, New York Agency, the Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , Lloyds TSB Bank LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and Morgan Guaranty Trust Company of New York. Any prior notes maturing between Nov. 16, 2005 and Dec. 31, 2005, will continue to be supported by the prior RCA until Dec. 31, 2005, when the prior RCA expires. JP Morgan Chase Bank, N.A., the issuing and paying agent pursuant to the issuing and paying agent agreement dated as of Nov. 16, 2005, is directed to request an advance under the RCA whenever proceeds of the sale of notes or other funds provided by the Authority are insufficient to pay amounts on maturing notes. Goldman, Sachs & Co. and Lehman Brothers Inc. are the dealers for the series A and B notes, respectively. The sale date for the notes is expected to be on or about Nov. 16, 2005. The notes will be issued at par, with interest due at maturity. Following the occurrence of an event of default under the RCA, Helaba may direct the Authority to cease issuing additional notes. In addition, the RCA may be terminated upon the occurrence of specified events pursuant to the terms of the RCA. 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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