Fitch Rates Oregon's $40.365MM GO Veterans' Bonds 'AA-/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 assigns an 'AA-/F1+' rating to $40,356,000 State of Oregon general obligation (GO) veterans' welfare bonds (non-AMT) (variable-rate) consisting of: $31,320,000 series 86 and $9,045,000 series 87C. The long-term 'AA-' is based on the long-term rating assigned to the State of Oregon's GO bonds. For more information on the State of Oregon's long-term rating, see Fitch's rating action commentary dated Nov. 27, 2006 available on www.fitchratings.com. The Series 86 bonds are expected to be available for delivery on or about Dec. 19, 2006. The Series 87C bonds are expected to be available for delivery on or about Jan. 10, 2007. Bear, Stearns & Co. Inc. is the sole underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. and remarketing agent for the Series 86 and 87C bonds. The short-term 'F1+' rating is based on the liquidity support provided by Dexia Credit Local, acting through its New York Branch, in the form 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 ). The SBPA provides for the payment of the purchase price of tendered bonds during the daily and weekly modes in the event that remarketing proceeds are insufficient to pay the purchase price. Initially the SBPA is sized to provide for the entire principal amount of the Series 86 bonds, plus 34 days of interest at the maximum interest rate of 12% based on a year of 365 days. Upon the delivery of the Series 87C bonds, on or about, Jan. 10, 2007, the SBPA will be increased to cover the composite purchase price of both the series 86 and series 87C bonds. The SBPA will expire on Dec. 31, 2013, unless extended, or upon the occurrence of other events of termination, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its terms. Fitch's short-term rating on the bonds will expire upon any expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created or termination of the SBPA. The bonds initially bear interest in the daily rate mode, but may be converted to a weekly, monthly, quarterly, semiannual Semiannual An event that occurs twice in a calendar year. Notes: A bond with semiannual coupons would issue payment once every six months. See also: Annual, Bond, Coupon Bond , auction, fixed or indexed rate mode. While the bonds bear interest in the daily and weekly rate modes, interest is payable on the first business day of each calendar month. Holders of bonds bearing interest in the daily and weekly rate modes may tender their bonds for purchase with prior notice. The bonds are subject to mandatory tender: (1) on any interest rate mode change date; (2) on any date the bonds are converted to a fixed or indexed rate mode; (3) upon the termination, substitution or expiration of the SBPA. The bonds are also subject to optional and mandatory redemption provisions pursuant to the terms of the Certificate of Determination and Resolution. Proceeds of the Series 86 and 87C bonds will be used to refund the maturing principal or to fund the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of certain outstanding 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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