Fitch Rates Nassau County Sewer & Storm Water Finance Authority $85MM 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 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 'F1+' to the $85 million Nassau County Sewer and Storm Water Finance Authority (New York) commercial paper program tax-exempt commercial paper Tax-Exempt Commercial Paper An unsecured short-term loan, usually issued to finance short-term liabilities, that provides the debtholders (bondholders) some level of tax preference on the earnings from their debt investment at a local, state or federal level, or a combination notes. The 'F1+' rating on the notes is based on the support of an irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) provided by Fleet National Bank, a Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. company (the bank). The rating on the notes will expire on the earlier of: June 1, 2010, the expiration date of the LOC; or upon any prior termination of the LOC. Merrill Lynch, Pierce, Fenner & Smith Incorporated is the dealer for the notes. The notes are expected to be delivered on or about May 31, 2005. 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. , as issuing and paying agent, is directed to draw on the LOC to pay principal and accrued interest on maturing notes. The LOC represents a commitment by the bank to fund up to $85 million in principal and 270 days of interest at the maximum rate of 15%, based on a 365-day year. The total principal amount of commercial paper notes outstanding at any time cannot exceed the maximum principal component available under the LOC. The notes will be issued at par, with interest due at maturity. Following the occurrence of an event of default under the LOC agreement, the LOC bank may direct the issuing and paying agent to cease issuing notes. Proceeds of the notes will be used to current refund maturing principal and interest of obligations issued by or on behalf of the county for sewer or storm water resources. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion