Fitch Affirms Los Angeles Dept 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 $620,600,000 Department of Water and Power of the City of Los Angeles
The long-term 'AA-' rating on the Bonds continues to be based on the rating assigned to the power system bonds issued by the Department of Water and Power of the City of Los Angeles. On the effective date of Jan. 31, 2007, the short-term 'F1+' rating assigned to the Bonds will be based on a substitute liquidity facility in the form of a 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 issued severally by: Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , California State Teachers' Retirement System (CalSTRS), and California Public Employees' Retirement System (CalPERS). Royal Bank of Canada 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. for $320,000,000 of the purchase price while CalSTRS and CalPERS are each responsible for $150,000,000 of the purchase price for the Bonds. 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 Jan. 31, 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. Goldman, Sachs & Co. serves as the remarketing agent for the subseries B-2, B-3 and B-4 bonds. JPMorgan serves as remarketing agent for the subseries B-5, B-6, B-7 and B-8 bonds. E.J De La Rosa De La Rosa is a surname in the Spanish language meaning of the Rose
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