Fitch Rates Alaska Housing $150MM GHP Bonds 2005 Series A 'AA+'.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 rates the Alaska Housing Finance Corp.'s (AHFC AHFC American Honda Finance Corporation AHFC Adaptive High Frequency Controller , or the corporation) general housing purpose bonds, $150.0 million 2005 series A 'AA+'. The bonds are expected to be sold through negotiation this week by a George K. Baum & Company-led syndicate. Additionally, Fitch affirms the ratings on $152.9 million outstanding general housing purpose bonds, 2003 series A and B at 'AA+/F1+'. The bonds are general obligations (GOs) of the corporation, rated 'AA+' by Fitch. The bonds' rating reflects the primary security provided by the GO debt pledge of the corporation, prior to consideration of any bond insurance. The bonds are issued pursuant to a general indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. and a supplemental indenture dated Feb. 1, 1994 and Jan. 1, 2005, respectively. The bonds are expected to be insured by MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corporation, whose insurer financial strength is rated 'AAA' by Fitch. AHFC has more than $326 million of high quality investments in its administrative fund as of Nov. 30, 2004 and a $200 million unused credit facility for corporate purposes. The corporation's GO debt rating is based on its strong financial position, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operational and financial results, successful management track record, and sufficient liquidity and reserves. Credit concerns remain centered on the geographic concentration of the AHFC's loan portfolio and the real estate market's vulnerability to the state's oil-dependent economy. |
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