Fitch Affirms Bi-State Devel Agency (Missouri-Illinois) 2005A Notes At 'A+/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 'A+/F1+' rating assigned to $150,000,000 Bi-State Development Agency The Bi-State Development Agency is the formal name of an interstate compact formed by Missouri and Illinois in 1949. Since February 2003 the agency is doing business as Metro. Metro owns and operates the St. of the Missouri-Illinois Metropolitan District subordinate mass transit sales tax appropriation bonds (Metrolink Cross County Extension Project), series 2005A. The affirmation is in connection with the conversion of $100,000,000 of bonds to a long-term interest rate mode and the issuance of a JPMorgan Chase Bank, National Association (JPMorgan) letter of credit (LOC LOC - lines of code ) to support the bonds bearing interest in such long-term interest rate mode. The long-term interest rate mode will be effective from Aug. 1, 2006 to Oct. 1, 2009. The JPMorgan LOC supporting the bonds in the long-term interest rate mode is sized at 185 days based on a 360 day year. The long-term interest rate will be determined on the conversion date. The remaining $50,000,000 of bonds, which are in the weekly interest rate mode, will continue to be supported by the JPMorgan LOC that was effective upon the original issuance of the bonds. The JPMorgan LOC supporting bonds in the weekly interest mode continues to be sized at 35 days of interest at 9% based on a 365 day year. On Aug. 1, 2006, the JPMorgan LOC supporting the bonds to be converted to a long-term interest rate will become effective and the JPMorgan LOC supporting bonds remaining in the weekly interest rate mode will be reduced. The remarketing agent for the bonds continues to be Banc of America Securities, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The rating is based upon separate LOCs provided by JPMorgan to cover the long-term interest rate and weekly interest rate bonds and will expire on the earliest of: Nov. 12, 2010, the stated expiration date of both LOCs, unless such date is extended; defeasance of the bonds; or any prior termination of the LOCs. 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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