Fitch Rts Greater Orlando Aviation Auth Florida Prog B CP Ser A, B, C '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 assigns a rating of 'F1+' to the Greater Orlando Aviation Authority Greater Orlando Aviation Authority, which manages Orlando International Airport and Orlando Executive Airport, is governed by a seven-member board: the mayor of the City of Orlando, Florida; the Chairman of the Board of County Commissioners; and five other members who are appointed (Florida) airport facilities program B subordinated commercial paper notes, series A, series B (AMT See vPro. ), and series C (taxable) (the notes) in an amount not to exceed $150,000,000. The rating on the notes is based on the support of an irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) provided on a several but not joint basis by Bayerische Landesbank and State Street Bank and Trust Company The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the retail banking portion of this unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. . The initial stated amount of the LOC is $108,877 representing the principal amount, plus interest to accrue on the notes until their maturity. The rating will expire upon the earlier of: Nov. 5, 2009, the stated termination date, as defined in the LOC, unless such date is extended; or any prior termination of the LOC. The notes will be issued at par, with interest due at maturity. Deutsche Bank Trust Company Americas, as trustee, is directed to draw on the LOC to pay the principal amount and interest due upon maturity of the notes. The trustee may only issue commercial paper if the principal and interest due on both new and outstanding notes does not exceed the available amount of the LOC. In addition, notes must mature at least five business days prior to the expiration date of the LOC. Following the occurrence of an event of default under the LOC and Reimbursement Agreement, Bayerische Landesbank, as agent for the two LOC banks, may instruct the trustee to cease issuing any additional notes. Alternatively, the agent may notify the trustee that the LOC will terminate in 10 days. Following receipt of such termination notice, the trustee is required to draw on the LOC in an amount sufficient to pay for principal and interest on all outstanding notes. The LOC covers all outstanding notes until they are paid at maturity. Citigroup Global Markets Inc. is the dealer for the notes. The proceeds of the notes will be used to finance extensions, improvements and betterments to the airport system. 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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