Fitch Affirms Los Angeles Wastewater System's (California) 2001A-D Sub Revs at 'AAA/F1+'.NEW YORK -- Fitch affirms the 'AAA/F1+' rating assigned to the $295,700,000 The City of Los Angeles
-- $118,300,000 series 2001-A; -- $118,300,000 series 2001-B; -- $44,400,000 series 2001-C; -- $14,700,000 series 2001-D. The bonds originally were rated based on (1) a municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy provided by Financial Guaranty Insurance Company (Policy) with respect to the 'AAA' long-term rating, and (2) the 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 ) provided by FGIC FGIC See Financial Guaranty Insurance Corporation (FGIC). Securities Purchase Inc. with respect to the 'F1+' short-term rating. On May 18, 2006, the SBPA will be replaced with SBPAs (Substitute SBPAs) provided by Citibank, N.A., with respect to the series 2001-A, series 2001-C and series 2001-D bonds; and The Bank of Nova Scotia, acting through its New York Agency, with respect to the series 2001-B bonds. The 'AAA' rating continues to be based on the Policy and effective May 18, 2006, the short-term 'F1+' rating will be based on the Substitute SBPAs. The short-term rating will expire on the earlier of May 12, 2011, or upon any earlier termination of the Substitute SBPAs. The remarketing agents are: UBS Securities LLC (series 2001-A bonds); J.P. Morgan Securities Inc.(series 2001-B bonds); Stone & Youngberg LLC (series 2001-C bonds); and Backstrom McCarley Berry & Co., LLC (series 2001-D bonds). 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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