Fitch Ratings Upgrades Black & Veatch Project, Series 1995 Class B.CHICAGO -- Fitch fitch: see polecat. upgrades The Black & Veatch Project's taxable lease-backed revenue bond, series 1995, as follows: --$18.9 million Class B to 'A' from 'BBB-'. Class A is paid in full. The rating upgrade is due to paydown of 30.2% since the last rating action. Fitch's assessment is based on analysis of the ultimate collateral for the bonds, the corporate headquarters of the Black and Veatch Holding Company ('BVHC') located at 6161 West 112th Street, Overland Park, Kansas Overland Park is the second most populous city in the U.S. state of Kansas. It is located in Johnson County, a satellite city of Kansas City, and is near Olathe, Lenexa, Prairie Village and Leawood. In 2006, the estimated population is 167,500. . Concurrent with issuance, the issuer purchased a 273,288 square foot office building from BVHC. The remaining funds were used to fund the building's expansion of approximately 325,000 square feet. The original building and the expansion are leased to Overland o·ver·land adj. Accomplished, traversing, or passing over the land instead of the ocean: an overland journey; an overland route. adv. Property Investors LP (leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. interest has been since sold to Southland-Overland Park Delaware Business Trust) which simultaneously subleased the buildings to BVHC. The bonds are secured by an assignment of the lease, sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. , sublease guarantees and leasehold mortgage to the trustee, a security interest in the construction fund, mortgage title policies, an assignment of the construction bonds and an assignment of the agency agreement. The sublease payments made by BVHC are responsible for the ultimate repayment of the bonds. In the event of a default on the sublease payments made by BVHC, Midland Loan Services (which Fitch rates 'CSS1') was hired by the Trustee to act as the Special Servicer. Previously, the rating of the transaction was dependent upon Fitch's rating of BVHC as a corporation. However, BVHC is no longer rated by Fitch. The transaction's ratings are now tied solely to the underlying performance of the property. 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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