Fitch Rates Commonwealth of Virginia's $121MM Transportation Bonds 'AA+'; Outlook Stable.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 following refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. (the bonds) of the Commonwealth of Virginia Transportation Board as follows: --$37.6 million series 2007A (Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. Transportation District Program) 'AA+'; --$83.4MM million 2007B (U.S. Route 58 Corridor Development Program) 'AA+'. The bonds are expected to sell competitively on Jan. 24, 2007 and are expected to be due May 15, 2010-2020. Bonds maturing after May 15, 2017 are subject to redemption, at par. Fitch also affirms the 'AA+' rating on outstanding commonwealth transportation board appropriation The designation by the government or an individual of the use to which a fund of money is to be applied. The selection and setting apart of privately owned land by the government for public use, such as a military reservation or public building. backed bonds. The rating is based on ultimate access to legally available funds in the commonwealth's transportation trust fund and other general assembly appropriations. The commonwealth of Virginia's general obligations (GO) are rated 'AAA,' with a Stable Rating Outlook. The bonds are limited obligations of the commonwealth and its transportation board, secured by and payable from general assembly appropriations or transportation board allocations from general assembly appropriations. Appropriations for debt service are first met from specific allocations of the commonwealth's recordation tax imposed on deeds deed n. 1. Something that is carried out; an act or action. 2. A usually praiseworthy act; a feat or exploit. 3. Action or performance in general: Deeds, not words, matter most. , deeds of trust, mortgages and certain other instruments, attributable to the local jurisdictions in which projects are located. Ultimately, for all series there is access to legally available funds in the commonwealth's transportation trust fund and other general assembly appropriations. Debt service for each series is payable from a separate, non-reverting fund to which appropriated and other pledged monies are deposited. The transportation trust fund receives a variety of revenues representing various highway-related taxes and a portion of the state sales and use tax Sales and use tax refers to:
Payment made to someone for out-of-pocket expenses has incurred. anticipation notes. Fitch's rating of 'AAA' on Virginia's GO bonds reflects its substantial resources, conservative approach to financial operations, and careful attention to the level and security of its debt obligations. The commonwealth's economic and revenue performance ebbed somewhat during 2006, yet job and income growth remains solid. Debt remains moderate at 2.2% of personal income. 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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