Fitch Rates City of Albuquerque, New Mexico's $55MM Third Lien Airport Rev CP Notes '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 assigns a rating of 'F1+'to the City of Albuquerque, New Mexico's (the city), $55,000,000 Third Lien Airport Revenue Commercial Paper Notes, consisting of Series A(Non-AMT), Series B (AMT See vPro. ) and Series C (Taxable) (collectively, the 'Notes'). The rating is based on the support provided by 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. , in the form of an irrevocable direct-pay Letter of Credit, (LOC LOC - lines of code ). The LOC is sized to cover up to $55,000,000 in principal plus 270 days of interest, calculated at the maximum rate of 12% based on a year of 360 days. The rating will expire on the earlier of Oct. 26, 2011, the Letter of Credit Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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. , as defined in the LOC, unless such date is extended, or upon any prior termination of the LOC. The Notes are expected to be delivered on or about Oct. 26, 2006. Deutsche Bank Trust Company America as the Issuing and Paying Agent (I&PA), will draw on the LOC at the times and in amounts that are sufficient to provide for the timely payment of the principal and interest due on maturing notes. The I&PA is instructed not to issue any notes that, together with notes then outstanding, will exceed the amount available under the LOC to pay the principal and interest on the notes at maturity. Following the occurrence of an event of default under the Reimbursement Agreement, The Bank of New York, as LOC provider may direct that no additional Notes be issued. Citigroup Global Markets Inc. is the dealer for the Notes. The proceeds of the notes will be used to finance the acquisition, construction, installation and equipment of improvements to the City's Airport System. 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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