Fitch To Upgr Oakland Joint Powers Fin Auth, CA Revs 1998 Ser A to 'AAA/F1+'.Business Editors NEW YORK--(BUSINESS WIRE)--June 10, 2003 Effective June 12, 2003, the short-term rating assigned to the Oakland Joint Powers Financing Authority, CA, lease revenue bonds 1998 series A, will be raised to 'F1+' from 'F2' by 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. in connection with the issuance of an Alternate Liquidity Facility, in the form 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 ), to be provided by Dexia Credit Local, 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 Agency. The substitute SBPA will replace the existing SBPA provided by Commerzbank Aktiengesellschaft. In connection with the substitution of the SBPA, the bonds are subject to mandatory purchase on June 12, 2003. The long-term 'AAA' rating continues to be based on the support provided by the municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy issued by Financial Security Assurance, Inc. The short-term rating will expire upon the earliest of: June 3, 2008, the 'Scheduled Expiration Date' as defined in the substitute SBPA; any prior termination of the substitute SBPA 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. |
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