Fitch Rates Oklahoma Turnpike Authority's $530.8MM 2006B-F Refunding Revs 'AAA/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 'AAA/F1+' to the Oklahoma Turnpike turnpike, road paid for partly or wholly by fees collected from travelers at tollgates. It derives its name from the hinged bar that prevented passage through such a gate until the toll was paid. See also road. Authority's Oklahoma turnpike system refunding second senior revenue bonds (variable-rate bonds), consisting of: --$106,160,000 series 2006B; --$106,160,000 series 2006C; --$106,160,000 series 2006D; --$106,160,000 series 2006E; --$106,160,000 series 2006F. The long-term 'AAA' rating assigned to each series of bonds is based on the support of a municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy provided by XL Capital Assurance Inc., which insures scheduled payments of principal and interest on the bonds, effective as of the date of issuance of the bonds. The insurance policy will be in effect until the bonds mature on Jan. 1, 2028. The short-term 'F1+' rating assigned to each series of bonds is based on the support of a standby bond purchase agreement (SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards ), severally provided by Lloyds TSB Lloyds TSB Group plc (LSE: LLOY) is a banking and insurance group in the United Kingdom. It was formed in 1995 by the merger of Lloyds Bank and the Trustee Savings Bank (TSB). The Group's head office is at 25 Gresham Street, London. Bank plc, acting through its New York Branch, Fortis Bank S.A./N.V. acting through its Connecticut Branch, and Banco Bilbao Vizcaya Argentaria S.A., New York Branch. Lloyds TSB Bank plc, acting through its New York Branch, is acting as an agent bank pursuant to the SBPA. The SBPA provides for the payment of the purchase price of tendered bonds during the daily and weekly interest rate periods. The bonds initially bear interest in the weekly rate mode, but may be converted to daily, commercial paper, term, fixed, or auction rate modes. The SBPA is sized to cover the principal portion of the purchase price and 34 days of interest at the maximum rate of 12%, based on a year of 365/366 days. The SBPA will expire on the initial 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 Aug. 23, 2013, unless such date is extended, or upon the occurrence of other events of termination, as specified in the SBPA. The remarketing agent for the series 2006B and 2006C bonds is Goldman, Sachs & Co.; the remarketing agent for series 2006D and 2006E bonds is J.P. Morgan Securities Inc.; and BOSC, Inc. is the remarketing agent for the Series 2006F bonds. The bonds are expected to be delivered on or about Aug. 24, 2006. While bonds bear interest in the weekly rate mode, interest will be payable on the first business day of each month, commencing Sept. 1, 2006. During the weekly rate mode, holders may tender their bonds for purchase on any business day, following the required prior notice to the tender agent, Bank of Oklahoma, N.A., and the remarketing agent. The bonds are subject to mandatory purchase: on any mode change date; on the second business day preceding the expiration date of the SBPA; on the substitution date of the SBPA; and on the fifth calendar day preceding notice termination of the SBPA. The short-term rating on the bonds will expire upon any expiration or termination of the SBPA. Optional and mandatory redemption provisions also apply to the bonds pursuant to the terms of the documents. The proceeds of the bonds will be used for refunding certain outstanding bonds of the Authority. 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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