Fitch Rates $66.455MM Colorado Springs, CO VRD Utilities System Rfdg Revs Ser 2009C 'AA/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 'AA/F1+' to the $66,455,000 City of Colorado Springs, Colorado The City of Colorado Springs is the second most populous city (after Denver) in the state of Colorado and the 48th most populous city in the United States.[4] The city is the county seat of El Paso County. (city), variable-rate demand utilities system refunding revenue bonds, series 2009C. The proceeds of the bonds will be used to refund all of the city's outstanding utilities system subordinate lien improvement revenue bonds, series 1999A. The Rating Outlook is Stable. The long-term 'AA' rating on the 2009C bonds is based on the net revenue pledge Net Revenue Pledge A provision in a municipal bond issue that requires the issuing municipality to use net revenues (revenues left after expenses) from the project being financed to pay first the debt service costs of the issue. of the city's combined utilities system, and reflects the system's diverse revenue stream with four major business segments (electric, natural gas, water and wastewater), competitive retail rates, solid financial performance, relatively low-cost power supply mix, and diverse customer base. The short-term 'F1+' rating on the 2009C bonds is based on the 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 by The Bank of Nova Scotia, acting through its New York Agency. The SBPA provides for the payment of the principal component of purchase price and an amount equal to 35 days of interest calculated at a maximum rate of 12% per annum Per annum Yearly. based on a year of 365 days during the weekly, monthly and quarterly rate modes. The SBPA will expire on Sept. 30, 2011, unless extended or earlier terminated pursuant to its terms. The 'F1+' short-term rating will expire upon the expiration or termination of the SBPA. Wells Fargo Bank, N.A., as tender agent, is required to give notice to the bank in the event that remarketing proceeds are insufficient to pay purchase price for tendered bonds. RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
The 2009C bonds will be issued in the weekly rate mode, but may be converted to a monthly, quarterly, semiannual, annual, five-year, term or fixed rate of interest. While 2009C bonds bear interest in the weekly, monthly and quarterly rate modes, interest is payable on the first business day of each month, commencing the first business day of November 2009. Holders of bonds bearing interest in a weekly, monthly or quarterly rate mode may tender their bonds for purchase with prior notice as specified in the bond ordinance. Series 2009C bonds are subject to mandatory tender upon any conversion of the interest rate modes and upon expiration, termination or substitution of the SBPA. The series 2009C bonds are also subject to mandatory sinking fund redemption and optional redemption pursuant to the terms of the bond ordinance. For more information on the long-term rating of the city's utility system and the series 2009A, B and D bonds to be offered in September and October 2009, see the report dated Aug. 28, 2009, available on the Fitch web site at 'www.fitchratings.com'. 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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