Fitch Confirms Lower Colorado River Auth, TX CP Notes at 'F1+'.NEW YORK -- Fitch confirms the rating of 'F1+' assigned to the Lower Colorado River Authority The Lower Colorado River Authority or LCRA is a nonprofit public utility that was formed in 1934 by the Texas Legislature. LCRA's mission is to protect people, property and the environment by providing public services for more than one million people in Central and Southeast (LCRA LCRA Lower Colorado River Authority (Texas) Transmission Services Corp. Project) transmission contract revenue commercial paper notes (the notes). The confirmation is being made in connection with the third amendment (the amendment) to the Letter of Credit Reimbursement Agreement and the Letter of Credit (LOC LOC - lines of code ). The rating on the notes had been based on the support of the LOC severally provided by JPMorgan Chase Bank, N.A. (Chase), WestLB AG, acting through its New York Branch (WestLB), and 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. (State Street). The Amendment removes WestLB as one of the LOC providers and reduces the maximum amount available under the amended LOC to $90,000,000. The rating is confirmed based on the support of the amended LOC severally issued by Chase and State Street. The amended LOC currently provides coverage for $30,000,000 principal and $2,663,014 of interest, which represents 270 days of interest coverage calculated at 12%. The rating on the notes expires on the earlier of Dec. 15, 2015, the LOC expiration date, unless such date is extended or any prior termination of the LOC. 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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