Fitch Affirms $915.2MM NYC Transitional Finance Authority Adj. Rate Bnds at 'AA+/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 affirms the 'AA+/F1+' ratings assigned to 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. Transitional Finance Authority's (TFA TFA Teach For America TFA Thyroid Foundation of America TFA Trifluoroacetic Acid TFA Trans Fatty Acid TFA Two Factor Authentication (computer security authentication) TFA Texas Forensic Association TFA Total Fatty Acids ) bonds as follows: New York City Recovery Bonds, fiscal 2003, series 2 -- $70,900,000 adjustable rate, subseries 2E; -- $44,400,000 adjustable rate, subseries 2F. New York City Recovery Bonds, fiscal 2003, series 3 -- $220,800,000 adjustable rate, subseries 3B; -- $103,400,000 adjustable rate, subseries 3C; -- $117,400,000 adjustable rate, subseries 3D; -- $142,400,000 adjustable rate, subseries 3E; -- $78,400,000 adjustable rate, subseries 3F; -- $100,000,000 adjustable rate, subseries 3H. Future Tax Secured Bonds, fiscal 2003, series C -- $37,500,000 adjustable rate, subseries C5. The bonds were rated based on: the long-term credit quality of TFA's bonds with respect to the 'AA+' long-term ratings, and various standby bond purchase agreements (SBPAs) providing liquidity support for the bonds with respect to the 'F1+' short-term ratings. On July 14, 2005, the original SBPAs will be replaced with substitute SBPAs as follows: the substitute 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 for the subseries 2E, 2F, 3C, and 3D bonds is provided by Dexia Credit Local (Dexia); the substitute SBPA for the subseries 3B bonds is provided by Citibank, N.A. (Citibank); the substitute SBPA for the subseries 3E bonds is provided by Landesbank Baden-Wuttemberg (LBBW LBBW Landesbank Baden-Württemberg (Stuttgart, Germany) ); the substitute SBPA for the subseries 3F and 3H bonds is provided by Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. (RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). ); and the substitute SBPA for the subseries C5 bonds is provided by Citibank. The long-term 'AA+' ratings continue to be based on the long-term rating assigned to the TFA; and the short-term 'F1+' ratings are based on the substitute SBPAs. The short-term ratings will expire on the earlier of the following expiration dates: Nov. 1, 2022, with respect to the Dexia SBPA; July 14, 2009, with respect to the Citibank SBPAs; July 14, 2015, with respect to the LBBW SBPA; and July 14, 2012, with respect to the RBC SBPA; or any earlier termination of the SBPAs. Merrill Lynch & Co. is the remarketing agent for the subseries 2E, 3C, and 3D bonds; J.P. Morgan Securities Inc. is the remarketing agent for the subseries 2F, 3E, and 3F bonds; Lehman Brothers Inc. is the remarketing agent for the subseries 3B bonds; and Morgan Stanley & Co. Incorporated is the remarketing agent for the subseries 3H and C5 bonds. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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