Fitch Affirms Los Angeles (CA) Dept of Water & Pwr Ser 2001 B VRDBs 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+' rating assigned to the $225,000,000 Department of Water and Power of the City of Los Angeles
--$87,500,000 subseries B-1; --$87,500,000 subseries B-2; --$50,000,000 subseries B-3. The affirmation of the rating is in connection with the substitution of the current standby bond purchase agreement (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 ) providing liquidity support for the bonds. The long-term 'AA' rating on the bonds continues to be based on the rating assigned to the water system bonds issued by the Department of Water and Power of the City of Los Angeles. On the effective date of Feb. 22, 2007, the short-term 'F1+' rating assigned to the bonds will be based on a substitute liquidity facility in the form of a SBPA issued by Banco Bilbao Vizcaya Argentaria, S.A. The SBPA provides for the payment of the principal component of the purchase price of the bonds and up to 34 days of interest calculated at a maximum rate of 12% per annum based on a year of 365 days in the event that remarketing proceeds are insufficient. The short-term rating expires on Feb. 22, 2010, the stated expiration date as defined in the SBPA, or if such date is extended, on the extended expiration date, or upon any prior termination of the SBPA. JPMorgan serves as the remarketing agent for the subseries B-1 bonds. UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Investment Bank serves as remarketing agent for the subseries B-2 bonds. E.J. De La Rosa De La Rosa is a surname in the Spanish language meaning of the Rose
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