Fitch Affirms City of Charlotte, North Carolina GO CP Notes, Ser 2005 '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 City of Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , $150,000,000 General Obligation (GO) Commercial Paper Bond Anticipation Notes, Series 2005 (the 'Notes'). The affirmation is in connection with the reauthorization of the commercial paper program established in 2005, and the substitution of the liquidity facility supporting the Notes. On the effective date of February 14, 2007, KBC Bank N.V., acting through its New York Branch ('KBC Bank'), will replace SunTrust Bank, National Association as the issuer of the Standby Note Purchase Agreement, (the 'SPA') providing liquidity support for the Notes. The rating also considers the long-term 'AAA' rating assigned to the City of Charlotte's General Obligation Bonds. The short-term 'F1+' rating on the Notes will expire on the earlier of February 14, 2010, the Scheduled Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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. , as defined in the SPA, unless such date is extended, or upon any prior termination of the SPA. The effective date for the reauthorization of the issuance of the Notes is expected to be on or about February 14, 2007. As issuing and paying agent, U.S. Bank National Association is directed to request an advance under the SPA whenever roll-over proceeds of Notes are insufficient to pay the principal amount due upon maturity of the Notes. The SPA provides a commitment to cover Notes issued up to $150,000,000 in principal amount. The Notes may be issued on an interest bearing or a discount basis. The City of Charlotte 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 Notes. Following the occurrence of an event of default under the SPA, KBC Bank, as liquidity provider, may direct that no additional Notes be issued. In addition, the SPA may be terminated upon the occurrence of certain events of default. Wachovia Bank, National Association will be replacing Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A. as the dealer for the Notes. The proceeds of the notes will be used to finance various street, neighborhood and public improvements for the City. 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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