Fitch Rates $199.415MM Florida BOE PECO 1998 Series A Bonds 'AAApre'.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. assigns a rating of 'AAApre' to the $199,415,000 State of Florida, Full Faith and Credit, State Board of Education public education capital outlay (PECO PECO Países da Europa Central e Oriental (Portugal) PECO Philadelphia Electric Company PECO Public Education Capital Outlay PECO Pelagic Cormorant (phalacrocorax pelagicus) ) bonds, 1998 series A, maturing June 1, 2009-2028, based on an escrow fund invested in direct U.S. government obligations. Any future substitute investments are limited to non-callable obligations issued directly by or guaranteed by the U.S. and non-callable obligations issued by REFCORP See Resolution Funding Corporation. REFCORP See Resolution Funding Corporation (REFCORP). . The bonds were refunded on March 28, 2007 with proceeds of the state's full faith and credit, State Board of Education public education capital outlay bonds, 2007 series A and with amounts transferred from the sinking fund for the refunded bonds. All refunded bonds will be redeemed on June 1, 2008 at 101%. The Escrow Agent, Florida's State Board of Administration, will hold funds and securities in a separate irrevocable escrow deposit trust fund for the benefit of refunded bondholders. This fund is pledged for the purpose of paying interest and redemption price on refunded bonds, in addition to escrow agent fees. The 'AAApre' rating reflects this pledge to refunded bondholders and that all funds have been invested in non-callable direct obligations of the United States. Causey Causey is a village in County Durham, in England. It is situated a short distance to the north of Stanley. Demgen & Moore, Inc. verified the mathematical accuracy of debt service computations on the refunded bonds and income from the escrowed funds and securities, contained in schedules provided to them by the State of Florida. According to the verification report of Causey Demgen & Moore, the cash and securities will produce amounts necessary to provide for the debt payment schedule on all refunded bonds and all escrow agent fees. 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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