Fitch Affirms Los Angeles Department of Airports CP Notes at '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 Rating affirms the 'F1+' rating on the Los Angeles Department of Airports, CA (Los Angeles International Airport “LAX” redirects here. For other uses, see LAX (disambiguation).
“KLAX” redirects here. For other uses, see KLAX (disambiguation).
Los Angeles International Airport (IATA: LAX, ICAO: KLAX, FAA LID: LAX ) commercial paper notes consisting of:
-- Series A notes (tax-exempt-non-AMT);
-- Series B notes (tax-exempt-AMT);
-- Series C notes (federally taxable).
The 'F1+' rating is based on the support of the letter of credit (LOC LOC - lines of code ) provided by BNP Paribas, which provides for payment of principal and interest. Effective March 11, 2005, the severally 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. Bayerische Landesbank, JPMorgan Chase Bank, and Landesbank Baden-Wurttemberg LOC will be replaced by an alternate LOC provided by BNP Paribas, acting through its San Francisco Branch.
The alternate LOC covers principal and interest at a rate not to exceed 12%, the maximum rate. The total outstanding principal amount of the series A, series B, and series C notes together cannot exceed $163 million, the stated amount of the LOC.
The rating on the bonds will expire upon the alternate LOC's stated termination date termination date,
n See expiration date. (March 10, 2010), unless extended pursuant to its terms, or upon any prior termination of the LOC.