Fitch Rates Charlotte, North Carolina $125MM Var-Rate COPS 2005F '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 $125,000,000 City of Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. variable-rate certificates of participation (Transit Projects/Phase II), series 2005F. The long-term 'AA' rating is based on the City of Charlotte's credit quality and the legal provisions securing the certificates of participation (COPs). (See press release, dated Aug. 1, 2005, that describes the series 2005E COPs issued on parity with the series 2000F COPs). The city's general obligation rating is 'AAA'. The COPs mature on June 1, 2020. The short-term 'F1+' rating assigned to the 2005F COPs is based on the support of a liquidity facility, in the form of a standby certificate purchase agreement (SCPA), provided by DEPFA DEPFA Deutsche Pfandbriefanstalt (German bonds Institution) BANK plc, acting through its New York branch (the bank). The SCPA provides for the payment of the purchase price of tendered COPs during the weekly interest-rate mode and the short-term rate mode. The SCPA is sized initially to cover the principal portion of the purchase price plus 35 days of interest at the maximum rate of 12%, based upon a 365-day year. Fitch's short-term rating will expire on Aug. 31, 2010, the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the SCPA, unless such date is extended, or upon the occurrence of certain events of termination, all in accordance with the terms of the SCPA. The remarketing agent 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 Financial Services Inc. The COPS are expected to be delivered on or about Aug. 31, 2005. The COPs will be issued in the weekly rate mode but may be converted to an auction, short-term, long-term, or fixed interest-rate mode. While in the weekly rate mode, interest will be paid on the first business day of each month, commencing Oct. 1, 2005. During the weekly rate, holders may tender their COPs with prior notice. All COPs are subject to mandatory purchase: on the conversion of the interest rate mode; upon termination, expiration, or substitution of the SCPA; on the day following the last day of each short-rate interest term; and on the day following the last day of each long-term interest rate period. COPs are also subject to optional and mandatory prepayment provisions pursuant to the terms of the Supplemental Indenture Number Two. The COPs will be secured by installment payments Installment payments Distribution of plan assets to beneficiaries based upon a regular schedule. from the city to the New Charlotte Corporation under an installment payment contract. Proceeds of the COPS will be used to finance a light rail maintenance facility, the acquisition of light rail vehicles, traffic control equipment, and to fund various improvements to transit facilities in the City of Charlotte, NC. 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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