Fitch Affirms Baltimore County, Maryland's CP BANs, 1995 & 2002 Series '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 Baltimore County, Maryland Coordinates: For other uses of "Baltimore", see Baltimore (disambiguation). Baltimore County is a county located in the northern part of the U.S. state of Maryland. In 2004, its population was estimated to be 763,181.[1]. , as follows: --Consolidated Public Improvement Commercial Paper Bond Anticipation Notes, 1995 Series and Metropolitan District Commercial Paper Bond Anticipation Notes, 1995 Series, which together cannot exceed $125,000,000; --Consolidated Public Improvement Commercial Paper Bond Anticipation Notes, 2002 Series and Metropolitan District Commercial Paper Bond Anticipation Notes, 2002 Series, which together cannot exceed $75,000,000, (collectively the '1995 and 2002 Notes'.) The rating affirmation is in connection with the substitution of the liquidity facilities currently supporting the 1995 and 2002 Notes. On the effective date of April 3, 2007, BNP Paribas, acting through its San Francisco Branch, (BNP Paribas) will replace WestLB AG (formerly known as Westdeutsche Landesbank Girozentrale), acting through its New York Branch, as the issuer of the Credit Agreements providing liquidity support for the 1995 and 2002 Notes. The short-term 'F1+' is based on both the internal liquidity support of Baltimore County, whose general obligation bonds are rated 'AAA' by Fitch, and the external liquidity support provided by BNP Paribas. The short-term 'F1+' rating on the 1995 and 2002 Notes will expire on the earlier of April 3, 2014, the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 the Credit Agreements, unless such date is extended or upon any earlier termination of the Credit Agreements all in accordance with their terms. U.S. Bank Trust National Association, as Issuing and Paying Agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. , is directed to request an advance under the Credit Agreement whenever proceeds of commercial paper notes or other funds provided by the County are insufficient to pay the principal amount due upon maturity of the 1995 and 2002 Notes. The Notes for both series will be issued at par, with interest due at maturity and the County 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 pay the interest due on any and all maturing 1995 and 2002 Notes. Following the occurrence of a Notice of an event of default under the Credit Agreement, BNP Paribas may direct that no additional notes be issued. In addition, the Credit Agreements may be terminated at the option of the Bank, upon the occurrence of specified events. Lehman Brothers Inc. is the dealer for the 1995 Notes and Bear, Stearns & Co. Inc. is the dealer for the 2002 Notes. The proceeds of the Notes will be used to provide interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. for the County's Capital Improvements Program. The 1995 and 2002 Notes are a general obligation of the County, backed by the County's full faith and credit. For additional information on the County, please see Fitch Ratings research dated, September 7, 2006, on Fitch's website, www.fitchratings.com. 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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