Fitch Rates $20.295MM New York State GO Refunded 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 following State of New York General Obligation Bonds, which were refunded on April 19, 2006 with proceeds of the State's General Obligation Refunding Bonds, Series 2006C Tax-Exempt Refunding Bonds: $3,400,000, dated October 15, 1997, maturing October 15, 2027; $1,430,000 Series 1998B, maturing March 1, 2028; $360,000 Series 1998D, maturing July 15, 2022 and 2028; $870,000 Series 1999A, maturing March 15, 2029; $14,235,000 Series 2001E, maturing July 15, 2017- 2021, 2026 and 2031. The bonds were refunded on April 19, 2006 with proceeds of the State's General Obligation Refunding bonds Series 2006C Tax-Exempt Refunding Bonds. The refunded bonds dated October 15, 1997 will be redeemed on October 15, 2007 at 101%. The refunded Series 1998B bonds will be redeemed on March 1, 2008 at 101%. The refunded Series 1998D bonds will be redeemed on July 15, 2008 at 101%. The refunded Series 1999A bonds will be redeemed on March 15, 2009 at 101%. The refunded Series 2001E bonds will be redeemed on July 15, 2011 at par. The escrow agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) , JPMorgan Chase Bank, will hold escrowed funds and securities in a segregated irrevocable escrow fund for the benefit of refunded bondholders. The escrowed funds are pledged for the purpose of paying interest and redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. on refunded bonds. The 'AAApre' rating reflects this pledge and that all funds have been invested in direct non-callable obligations of the United States. Any future reinvestment of the escrow fund is subject to confirmation of the rating by Fitch. The Arbitrage Group, Inc. verified the mathematical accuracy of computations of the sufficiency of receipts from the escrowed funds and securities to meet the debt service requirements of the refunded bonds, provided to them by UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Investment Bank, underwriter for the refunding bonds. In the opinion of The Arbitrage Group, receipts from the cash and securities deposited in the trust fund will be sufficient for the timely payment of the principal, interest and any redemption premium redemption premium See call premium. on the refunded 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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