Fitch Rates DeKalb County, Georgia (Sophia Academy, Inc. Project) Revs A/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 'A/F1' to the $4,200,000 Development Authority of DeKalb County, revenue bonds (Sophia Academy, Inc. Project), series 2007. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) issued by Bank of North Georgia, securing the bonds. The bank is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make payments of principal and interest when due, as well as the purchase price for tendered bonds. The rating will expire upon the earliest of: Oct. 15, 2010, the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 LOC, unless such date is extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 40 days of interest at a maximum rate of 10% based on a 360-day year and purchase price for tendered bonds. The remarketing agent for the bonds is Synovus Securities, Inc. The bonds are expected to be delivered on or about Oct. 10, 2007. The bonds initially bear interest at the variable rate, which is set on a weekly basis by the remarketing agent, but may be converted to a fixed interest rate. While bonds bear interest in the variable rate mode, interest payments are the first business day of each month, commencing Nov. 1, 2007. During the variable rate, bondholders may tender their bonds on any business day, with seven days' prior notice of the purchase. The bonds are subject to mandatory tender upon conversion of the interest rate, on the date of LOC substitution, and on the interest payment date preceding the LOC termination by no less than 3 business days. Additional mandatory and optional redemption provisions also apply to the bonds. The bond proceeds will be used to finance the cost of the acquisition, construction and equipping of land, buildings and personal property to be used as elementary and middle school academic and recreational facilities located on the campus of Sophia Academy. 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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