Fitch Affirms New York City Muni Water Finance Auth Revs 2003 Series C 'AA/F1+'.NEW YORK -- Fitch Ratings affirms the 'AA/F1+' rating assigned to the $300,300,000 New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Municipal Water Finance Authority, water & sewer system revenue bonds, adjustable-rate fiscal 2003 series C (the bonds). The affirmation is in connection with the substitution of the current standby bond purchase agreements (SBPAs) issued by State Street Bank and Trust Company The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the retail banking portion of this unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. , The Bank of Nova Scotia, Toronto-Dominion Bank, and the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , which provide liquidity support for the 2003 series C-1, C-2 and C-3 bonds. On the effective date of July 9, 2005, a liquidity facility provided by DEPFA DEPFA Deutsche Pfandbriefanstalt (German bonds Institution) BANK plc, acting through its New York Branch (DEPFA), will replace the prior SBPAs and will support the entire amount of outstanding 2003 series C bonds. The long-term 'AA' rating continues to be based upon the long-term rating that Fitch assigns to the New York City Municipal Finance Authority. The short-term 'F1+' rating is based on the liquidity support provided by the DEPFA SBPA. This rating will expire upon the earlier to occur of June 15, 2018, the expiration date of the DEPFA SBPA, or upon any prior termination of the DEPFA SBPA, in accordance with its terms. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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