Fitch Monitoring Muni Solid Waste Debt in Connection with Covanta Chapter 11 Filing.Business Editors 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 & CHICAGO--(BUSINESS WIRE)--April 2, 2002 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. is examining court filings and other information, following the filing of petitions for relief under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. bankruptcy code Bankruptcy Code may refer to:
A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . Outstanding ratings related to $650 million of municipal solid waste “Municipal waste” redirects here. For other uses, see Municipal waste (disambiguation). Municipal solid waste (MSW) is a waste type that includes predominantly household waste (domestic waste) with sometimes the addition of commercial wastes collected by a bonds, payable from revenues associated with waste-to-energy projects owned or leased by subsidiaries of Covanta, formerly Ogden Corp., had been downgraded most recently on March 1, 2002, to reflect Covanta's financial position and the possibility of bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most and its related uncertainties. Fitch fitch: see polecat. is evaluating information concerning these bonds, with specific respect to court filings and/or action, and will adjust ratings as warranted by such evaluations. The bond issues are: -- Lee County, FL solid waste system refunding revenue bonds, series 2001 (insured: MBIA), unenhanced rating of 'A-' - Rating Watch Negative; -- Lee County, FL solid waste system revenue bonds, series 1995 (insured: MBIA), unenhanced rating of 'A-' - Rating Watch Negative; -- Northeast Maryland Waste Disposal Authority, MD solid waste revenue bonds (Montgomery County Resource Recovery Project), series 1993 A and B, unenhanced rating of 'AA-' - Rating Watch Negative; and Additionally, approximately $520 million of outstanding municipal bonds for projects serviced by Covanta and secured by payment obligations of certain public entities, remain on Rating Watch Negative or Evolving, as listed below, in recognition of possible operating and other risks that could result from Covanta's bankruptcy filing: -- Lee County, FL solid waste system refunding revenue bonds, series 2001 (insured: MBIA), unenhanced rating of 'A-' - Rating Watch Negative; -- Lee County, FL solid waste system revenue bonds, series 1995 (insured: MBIA), unenhanced rating of 'A-' - Rating Watch Negative; -- Northeast Maryland Waste Disposal Authority, MD solid waste revenue bonds (Montgomery County Resource Recovery Project), series 1993 A and B, unenhanced rating of 'AA-' - Rating Watch Negative; and For more information, see Fitch Ratings' earlier releases on this matter, available at the agency's web site on 'www.fitchratings.com': 'Fitch Ratings Dwngrs $650MM Covanta Muni Solid Waste Debt to 'CC' from 'CCC' (March 1, 2002); 'Fitch Ratings Dwngrs $650MM Covanta Muni Solid Waste Debt' (Feb. 28, 2002), 'Fitch Ratings Lowers $650MM Muni Solid Waste Debt to 'B' (Jan. 30, 2002),' 'Fitch Ratings Removes Rating Watch Neg On Montgomery Cnty MD Solid Waste Rev Bnds (Feb. 6, 2002),' and 'Fitch Monitoring Solid Waste Bonds Connected With Covanta (Jan. 25, 2002).' |
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