Fitch Confirms Metropolitan Transportation Authority (New York) Trans Revs BANs Series CP-1 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 Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. confirms the 'F1+' rating assigned to the $750,000,000 Metropolitan Transportation Authority (New York), transportation revenue bond anticipation Notes, series CP-1 credit enhanced, (the Notes), consisting of: --$250,000,000 subseries A; --$250,000,000 subseries B; --$250,000,000 subseries C. The confirmation is in connection with a reissuance of the Notes and a change in two of the dealers. Effective Sept. 26, 2008, J.P. Morgan Securities Inc. will be the dealer for the subseries A Notes, replacing Bear Stearns & Co. Inc. Morgan Stanley & Co. will remain as the dealer for the subseries B Notes. Barclays Capital Inc. will become the dealer for the subseries C Notes, replacing Lehman Brothers. The rating on the Notes continues to be based on the support of a letter of credit (LOC LOC - lines of code ) provided by ABN AMRO Bank N.V., acting through its Chicago Branch. The LOC is sized to cover principal due on Notes, plus an interest component equivalent to 90 days at a maximum rate of 10%, based on a year of 360 days. The rating expires on the earlier of December 8, 2010, the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the LOC, 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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