Fitch Downgrades Tampa, Florida 2000 VRDBs (Tampa Prep School) to 'A+/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 downgrades to 'A+/F1+' the rating assigned to the $20,000,000 City of Tampa, Florida, variable-rate demand revenue bonds (Tampa Preparatory School Tampa Preparatory School is a coed, independent school serving grades 6-12 located on the Hillsborough River across from downtown Tampa and the Tampa Bay Performing Arts Center, enrolling 680 students. , Inc. Project). The bonds were previously rated 'AA-/F1+' based on the support of an irrevocable direct-pay letter of credit (LOC LOC - lines of code ) issued by Wachovia Bank, N.A. Effective Feb. 7, 2006, the Wachovia LOC will be replaced with a substitute LOC provided by SunTrust Bank, resulting in the downgrade to 'A+/F1+'. Citigroup Global Markets Inc. continues as the remarketing agent for the bonds. The substitute LOC covers the principal amount of bonds, $20,000,000 and interest representing 55 days of interest at a maximum assumed interest rate of 12% per annum Per annum Yearly. based on a 360-day year. Interest coverage is calculated on the same basis as the original LOC. The rating on the bonds will expire on the earliest to occur of: Feb. 1, 2011, the expiration date of the substitute LOC, or the date to which it is extended; prior termination of the substitute LOC; and defeasance of the 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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