Fitch Downgr IDA County Of Isle of Wight, Virginia 1999 IDRBs To 'A+/F1'.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 25, 2002 Effective Sept. 26, 2002, the rating assigned to the $2,800,000 Industrial Development Authority of the County of Isle of Wight Noun 1. Isle of Wight - an isle and county of southern England in the English Channel Wight county - (United Kingdom) a region created by territorial division for the purpose of local government; "the county has a population of 12,345 people" , Virginia's industrial development revenue bonds (The Smithfield Ham and Products Company, Incorporated Project), series 1999, will be downgraded to 'A+/F1' by 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. . The rating will be based on the substitute irrevocable, direct-pay Letter of Credit (LOC LOC - lines of code ) to be issued by JPMorgan Chase Bank, which will be replacing NationsBank, N.A., n/k/a/ Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , NA as the provider of the LOC supporting the Bonds. A mandatory repurchase of the bonds will occur on Sept. 26, 2002 in connection with the substitution of the LOC. The rating will expire upon the earliest of: Oct. 15, 2003, the 'Stated Expiration Date' as defined in the substitute LOC; any prior termination of the substitute LOC; or upon defeasance of the bonds. |
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