Fitch Affirms 'F1+' on City & County of Denver, CO Airport CP Notes A & B.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 airport system subordinate commercial paper notes, series A and B (the CP notes), issued by the City and County of Denver, Colorado on behalf of its Department of Aviation. The CP notes were initially issued in 2003 and were rated based upon the support provided by an irrevocable letter of credit Irrevocable letter of credit Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval. (the original LOC LOC - lines of code ) issued severally by Bayerische Landesbank acting through its New York Branch (BayernLB) and JPMorgan Chase Bank (Morgan). The substitute LOC, also provided by BayernLB and Morgan, will become effective Aug. 19, 2004. The substitute LOC is substantively identical to the original LOC with the following changes: the pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. breakdown of the LOC will change and BayernLB's share will decrease from 50% to 37.107% and Morgan's share will increase from 50% to 62.893% and the maximum amount of CP issuance will be increased from $63,600,000 to $127,200,000. The rating will expire upon the earliest to occur of: Aug. 17, 2007, as defined in the substitute LOC, unless such date is further extended; any prior termination of the LOC; and defeasance of the CP Notes. U.S. Bank Trust, National Association, remains as the issuing and paying agent and Goldman, Sachs & Co remains the dealer for the CP notes. |
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