Fitch Rates New York State Environmental Facilities Corp.'s $183MM Water Bonds 'AA+'.CHICAGO -- 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. has assigned an 'AA+' rating to the 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 State Environmental Facilities Corporation's (EFC EFC Expected Family Contribution EFC Expect(ed) Further Clearance EFC Evangelical Fellowship of Canada EFC Evangelical Free Church EFC Eastfield College EFC Everton Football Club EFC Electronic Fee Collection ) $183 million state clean water and drinking water revolving funds revenue bonds (New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Municipal Water Finance Authority Projects - second resolution subordinated revenue bonds), series 2007C. The series 2007C bonds are scheduled to price during the week of May 7 via negotiation led by Goldman, Sachs & Co. Fitch also affirms the 'AA+' rating on approximately $607.1 million of outstanding EFC NYCMWFA Projects subordinate lien bonds. The Rating Outlook is Stable. Bond proceeds will be used to refund a portion of certain outstanding bonds, which funded New York City Municipal Water Finance Authority (NYCMWFA) water pollution control and drinking water projects. The EFC finances most of its state revolving funds (SRF SRF abbr. somatotropin-releasing factor ) loans to the NYCMWFA by issuing bonds (EFCNYC bonds) under a master trust indenture separate from the master financing indenture (MFI MFI Microfinance Institution MFI Money Flow Index MFI Melt Flow Index MFI Median Family Income MFI Malaria Foundation International MFI Massachusetts Family Institute MFI Multi-port Fuel Injection (automobile) ) for all other leveraged SRF participants. SRF loans made to the authority are typically funded outside the EFC's MFI pooled loan program to mitigate single-borrower concentration risks resulting from the authority's significant capital needs. The 'AA+' rating on the EFCNYC subordinate bonds is based primarily on the credit quality of loan repayments from the NYCMWFA and further enhanced by reserves released after meeting deficiencies for MFI bonds and EFCNYC's senior bonds. Fitch rates NYCMWFA's approximately $10.4 billion outstanding first resolution water and sewer system revenue bonds 'AA', as well as $5.6 billion second general resolution water and sewer system bonds 'AA'; the second general resolution bond repayments are on parity with the NYCMWFA SRF loan repayments. (For more information, see Fitch Research on 'New York City Municipal Water Finance Authority,' dated March 19, 2007 available on Fitch's web site at www.fitchratings.com. Typically, no reserves are allocated to the subordinate bonds at the time of issuance. However, EFC has previously established reserves totaling $3.7 million for the series 2002E NYC NYC abbr. New York City NYC New York City subordinate refunding bonds. With additional SRF equity deposits, the reserves related to the series 2002E bonds are expected to build to $16.2 million by 2013. Beginning in June 2007, EFC plans to make reserve deposits related to the series 2007C bonds. Those reserves are expected to build to $43.5 million by June 15, 2013, at which time both the reserves related to the series 2002E and 2007C bonds will have met reserve threshold test to convert to EFCNYC senior lien 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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