Fitch Rates Pinellas County Educ Facils Auth (Florida) 2007 Barry University Revs '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 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 'AA/F1+' to the $10,000,000 Pinellas County Educational Facilities Authority (Barry University Project), Florida variable-rate demand revenue and revenue refunding bonds, series 2007. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) issued by 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. N.A., securing the bonds. The bank is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make payments of principal, interest when due as well as purchase price for tendered bonds. The rating will expire upon the earliest of: Oct. 15, 2010, the initial expiration date of the LOC, unless such date is extended; any prior termination of the LOC; or defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 35 days' interest at a maximum rate of 12% based on a 365-day year, and purchase price for tendered bonds. The remarketing agent for the bonds is Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The bonds are expected to be available for delivery on or about Oct. 24, 2007. The bonds will initially bear interest in the weekly interest rate mode, but may be converted to a commercial paper rate or a fixed-rate mode. While in the weekly mode, interest will be paid on the first business day of each month, commencing on Nov. 1, 2007 and bondholders may tender bonds on any business day, with seven days prior notice. The bonds are subject to mandatory tender: on a conversion date; upon the termination, expiration or substitution of the LOC; on any interest payment date upon the written demand of the bank or upon the written demand of the University with the prior written consent of the bank; and/or when the bonds bear interest in a commercial paper rate mode, on each interest payment date. Optional and mandatory redemption provisions also apply to the bonds. Bond proceeds will be used to complete the construction of a building for the Institute of Community Health & Minority Medicine and to refinance debt which was used construct a new dormitory by Barry University. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion