Fitch Rates Irvine Ranch Water District (CA) Consolid Ref Bds 2008A&B 'A+/F1+'.NEW YORK New York, state, United StatesNew 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 $60,215,000 Irvine Ranch Water District (CA), Consolidated refunding bonds, series 2008A, and $100,355,000 series 2008B. The rating is based on the support provided by two separate irrevocable, direct-pay letters of credit (LOCs) issued by Landesbank Baden-Wurttemberg, acting through its New York Branch, 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, interest when due, as well as the purchase price for tendered bonds. The ratings will expire on the earliest of: (i) Apr. 23, 2011, the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 LOCs, unless such date is extended; (ii) any prior termination of the LOCs or defeasance of the bonds. The LOCs provide full coverage of principal plus an amount equal to 45 days of interest computed at a maximum rate of 12%, based on a year of 365 days, and purchase price for tendered bonds. The remarketing agent for the bonds is Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. . The bonds are expected to be available for delivery on or about Apr. 24, 2008. The bonds initially bear interest in the daily interest rate mode, but may be converted to a weekly, monthly, semi-annual, annual, VIP pricing modes or a fixed interest rate mode. While in the daily mode, interest will be paid on the fifth business day of each month, commencing on May 7, 2008. While in the daily, weekly or monthly rate modes, bondholders may tender bonds on any business day with the requisite prior notice. The bonds are subject to mandatory tender on (1) the date of any mode change; (2) upon the substitution or expiration of the LOCs; and (3) the termination of the LOCs following a notice from the bank to the trustee of an event of default under the Reimbursement Agreement directing a mandatory tender of the bonds. Alternatively, upon such an event of default, the bank has the option to direct an acceleration of the bonds. Optional and mandatory redemption provisions also apply to the bonds as set forth in the Bond Indenture Bond indenture Contract that sets forth the promises of a bond issuer and the rights of investors. bond indenture See indenture. . The proceeds of the bonds will be used to refund series 2006 and 2007 general obligation bonds. 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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