Fitch Rts $201.7MM NYCMWFA Wtr & Swr Bds 2003 Ser F 'AA/F1+'.Business Editors NEW YORK--(BUSINESS WIRE)--April 28, 2003 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 the $201,655,000 New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Municipal Water Finance Authority (the Authority) water and sewer system Noun 1. sewer system - facility consisting of a system of sewers for carrying off liquid and solid sewage sewage system, sewage works facility, installation - a building or place that provides a particular service or is used for a particular industry; "the revenue bonds, adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. , fiscal 2003 series F, consisting of $100,000,000 sub-series F-1 bonds, and $101,655,000 sub-series F-2 bonds a 'AA/F1+' rating. The long-term 'AA' rating on the bonds is based on the system's long-term credit quality and unique structural protections for bondholders. For further information regarding the Authority, please refer to separate Fitch research dated April 9, 2003, which is available on Fitch's website at 'www.fitchratings.com'. The short-term 'F1+' rating on the sub-series F-1 bonds is based on the liquidity 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 ) provided by Dexia Credit Local (Dexia), acting through its 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 Branch, and the short-term 'F1+' rating on the sub-series F-2 Bonds is based on the support of a SBPA provided by Bayerische Landesbank (BLB BLB Blue Letter Bible BLB Bayerische Landesbank (German) BLB Black Light Blue (lamp) BLB Bacterial Leaf Blight BLB Black Light Bulb (UV lamp) ), acting through its New York Branch. Proceeds of the series 2003 F bonds will be used by the Authority to: reimburse moneys to be drawn under irrevocable letters of credit to provide for the payment of principal and interest on the Authority's commercial paper notes series one, scheduled to mature on July 17, 2003; and for the cost of issuance. The SBPAs provide for the payment of the purchase price of tendered bonds during the daily, weekly and commercial paper rate modes in the event the proceeds of a remarketing of the bonds following an optional or mandatory tender are insufficient to pay the purchase price. The SBPAs are sized to provide for the entire principal amount of the bonds, with interest coverage of 35 days at a maximum interest rate of 9%. The Dexia SBPA will expire on May 6, 2006, or upon the occurrence of other events of termination, all in accordance with its terms. The BLB SBPA will expire on May 6, 2008, or upon the occurrence of other events of termination, all in accordance with its terms. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , as tender agent, is required to give notice to the bank in the event that remarketing proceeds are insufficient to pay the purchase price for tendered bonds. The remarketing agent for the bonds is Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , Pierce, Fenner & Smith, Inc. The sub-series F-1 bonds will be issued in an initial rate mode, and on May 15, 2003, will be automatically converted to a weekly rate mode. The sub-series F-2 bonds will be issued in the daily rate mode. Bonds may also be converted to commercial paper, term, or fixed interest rate modes. While the bonds bear interest in the initial, daily or weekly rate modes, interest will be payable on the 15th calendar day of each month, commencing on May 15, 2003. Holders of bonds bearing interest in the daily or weekly rate modes may tender their bonds for purchase provided the remarketing agent is given the required prior notification. Bonds are subject to a mandatory tender: (1) on interest mode change dates; (2) on each interest reset date for bonds in the commercial paper and term rate modes; (3) upon the expiration or replacement of the SBPA; and (4) upon termination of the liquidity facility following the trustee's receipt of a Notice of Default from the Bank. The bonds are also subject to mandatory and optional redemption pursuant to the terms of the 65th Supplemental Resolution. Fitch's short-term ratings on the sub-series F-1 and F-2 bonds will expire on May 6, 2006, and on May 6, 2008, the initial stated expiration dates 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 Dexia and BLB SBPAs, respectively, unless such dates are extended pursuant to the terms of the SBPAs, or upon any earlier termination of the SBPAs. |
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