Fitch Rates $289.675MM Philadelphia (PA) Auth for Indus Dev Multi-Modal Lease 2007B Revs 'AAA/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 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 'AAA/F1+' to the $289,675,000 Philadelphia Authority for Industrial Development Multi-Modal Lease Revenue Refunding Bonds, 2007 series B. The long-term 'AAA' rating assigned to the bonds is based on the support of a municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy provided by Financial Guaranty Insurance Company, which insures scheduled payments of principal and interest on the bonds, effective as of the date of issuance of the bonds. The insurance policy will extend to the maturity date of the bonds, October 1, 2030. The short-term 'F1+' rating is based on the liquidity support of a standby bond purchase agreement (SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards ) provided severally by JPMorgan Chase Bank, National Association, and the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . The SBPA provides for the payment of the purchase price of tendered bonds during the daily and weekly interest rate modes, and is sized to cover the principal portion of the purchase price and 39 days of interest until December 3, 2007, the first interest payment date and, thereafter, 34 days of interest, at the maximum interest rate of 10%, based upon a year of 365 days. The SBPA will expire on the stated expiration date of October 25, 2012, unless such date is extended, or upon the occurrence of certain events of termination as specified in the SBPA. Fitch's short-term rating will expire upon any expiration or termination of the SBPA. The remarketing agent for the bonds is 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 Securities, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The bonds are expected to be delivered on or about October 25, 2007. The bonds initially bear interest at the weekly rate, but may be converted to a daily, commercial paper, auction rate, long-term mode or fixed rate mode. While bonds bear interest in the weekly or daily modes, interest is payable on the first business day of each month, commencing December 3, 2007. During the weekly and daily rate modes, holders have the option to tender their bonds on any business day, following required notice to the tender agent. The bonds are subject to mandatory tender: (1) on the first business day after the end of each commercial paper rate or term rate period; (2) on each conversion date; (3) upon the expiration, termination or substitution of the SBPA; and (4) during the weekly or short-term rates, on any business day selected by the Authority following at least 20 days' notice to the trustee. Optional and mandatory redemption provisions also apply to the bonds pursuant to the terms of the documents. The proceeds of the bonds will be used to refund outstanding bonds of the Authority. 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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