Fitch Rates Washington State Hsg Fin Commission VRDBs Ser 2007A '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 a rating of 'AA-/F1+' to the $37,010,000 Washington State Housing Finance Commission variable-rate demand nonprofit revenue and refunding revenue bonds (Judson Park Project) series 2007. The rating is based on the support provided by an irrevocable, direct-pay confirming letter of credit (CLOC CLOC Center for Learning and Organizational Change CLOC College Light Opera Company (Falmouth, Massachusetts) CLOC Commercial Line of Credit CLOC Canadian Logistics Operation Center CLOC Coalition Logistics Operations Center ) issued by KBC Bank KBC Bank NV is a Belgian universal bank, focusing on private clients and small and medium-sized enterprises. Besides retail banking, insurance and asset management activities (in collaboration with sister companies KBC Insurance NV and KBC Asset Management NV), KBC Bank also NV. The CLOC provides full coverage of principal, interest equal to 49 days calculated at a maximum rate of 8% based on a year of 365 days, plus purchase price. The underlying irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) issued by Sovereign Bank, provides the same coverage as the CLOC. The CLOC will expire on Jan. 30, 2008 with automatic one-year extensions at the confirming bank's option up to the initial expiration of the LOC on Jan. 30, 2012. Fitch's rating will expire on the earliest to occur of: the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 the CLOC, any prior termination of the CLOC, or defeasance defeasance n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond, or contract if some event occurs. DEFEASANCE, contracts, conveyancing. of the bonds. The remarketing agent for the bonds is Ziegler Capital Markets Group. The bonds are expected to be delivered on or about Jan. 30, 2007. The bonds initially bear interest in the weekly interest rate mode, but may be converted to a daily or fixed interest rate mode. While bonds bear interest in the weekly interest rate mode, interest is payable on the first business day of each month, commencing March 1, 2007. Bondholders may tender their bonds for purchase on any business day with seven days' prior notice to the trustee during the weekly rate mode. The bonds are subject to mandatory tender upon conversion of interest rate and upon substitution of the LOC. Optional and mandatory redemption provisions also apply to the bonds including a mandatory redemption upon the expiration of the CLOC or LOC if the borrower does not deliver an irrevocable commitment for a substitute CLOC or LOC or alternate credit facility to the trustee, all as set forth in the trust indenture. The trustee will draw on the CLOC only if Sovereign Bank fails to honor a draw on its LOC or repudiates its LOC. The CLOC automatically reinstates on the tenth day following an interest drawing unless the trustee receives notice from the bank that such interest component will not be reinstated. The CLOC also reinstates for purchase price draws immediately following reimbursement to the bank. Optional redemption provisions also apply to the bonds. Bond proceeds will be used to refund the Commission's 2004 bonds and to construct an addition to the existing continuing care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement community known as Judson Park. 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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