Fitch Rates Montana Bd of Investments $15MM INTERCAP Bonds 'AA-/F1+'.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Fitch rates the Montana Board of Investment's $15,000,000 million annual adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. tender option municipal finance consolidation act bonds (INTERCAP revolving program) series 2007 'AA-/F1+'. The bonds will be sold through negotiation by Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution and D.A. Davidson on or about Feb. 26, 2007. The Outlook for all ratings is Stable. The rating, which was raised from 'A+/F1+' on Jan. 5, reflects the continued low leveraging of the Montana Board of Investment's debt service reserve replenishment replenishment the addition of an appropriate quantity of properly prepared solution containing the correct concentration of chemicals to the developer solutions used in radiography. guarantee as well as the board's sound record in loan repayments. The same guarantee backs $49 million in bonds issued by the Montana Facility Authority, which has a similarly strong lending history. Fitch upgraded the rating on these obligations to 'AA-' from 'A+' last month as well. All the rated debt is initially secured by loan repayments from individual borrowers, with bondholder Bondholder A firm often has stockholders and bondholders. In a liquidation, the bondholders have first priority. bondholder An individual or institution that owns bonds in a corporation or other organization. security enhanced by the board's irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is and unconditional pledge to make up any deficiency in the debt service reserve fund. Fitch's rating is based on the board's obligation and its substantial resources available, totaling $1.22 billion at June 30, 2006. These vast resources also enable the board to provide liquidity for any bonds left unremarketed on the annual tender option date. The security provided by the board's back-up pledge remains strong despite increased debt issuance. Authority and board issuance have risen recently to meet health facility needs and as state departments join local governments as borrowers in the board's INTERCAP program. Fitch notes the Montana Legislature has increased segregation of board resources for public and private loans, thereby reducing the amount available to meet the debt service reserve fund make up pledge. However, board resources remain very high relative to its commitments. Funds identified as available for borrowing consist of the Treasurer's Fund (the state's operating fund) and a portion of the Coal Severance Trust Fund (CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ). The Treasurer's Fund totaled $762.30 million at June 30, 2006, and the CST $725.2 million, with $455.4 million of this available for debt service reserve replenishment if needed. The board's available funds vary in amount throughout the year and have varied over time, ranging from a low of $735.3 million in fiscal 2002 to the current $1.22 billion high. Despite the fluctuation, the available funds remain well in excess of the amount of debt enhanced, which is limited by statute or policy to $240 million outstanding. After this issuance, debt outstanding with a board pledge as security will total $147.6 million. The corpus of the CST fund cannot be invaded without approval by three-quarters of the state legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: 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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