Fitch Update: Toledo-Lucas County Port Authority & Northwest Ohio Bond Fund.CHICAGO -- The following provides updated information on the Toledo-Lucas County Port Authority The Toledo-Lucas County Port Authority is a port authority financing and/or operating air, rail, trucking, and port facilities, as well as supporting and funding economic development activities in Lucas County, located in northwest Ohio and bordering on southeast Michigan. , OH (the authority), and the Northwest Ohio Bond Fund (the bond fund). The bond fund's approximately $83.9 million development revenue bonds, rated 'BBB+', were placed on Rating Watch Negative on March 16, 2006 due to the bankruptcy filings of Dana Corp. and Engineered Plastic Product Inc. (EPP (1) (Enhanced Parallel Port) See IEEE 1284. (2) (Ethernet Packet Processor) A chip from Kalpana, Inc., Santa Clara, CA that doubles speed of Ethernet transmission to 20Mbits/sec. In 1994, Kalpana was acquired by Cisco. ), two participants in the bond fund's portfolio. On May 1, 2006, Dana Corp. and EPP made on-time monthly lease payments to the bond fund. In addition, EPP paid its defaulted March 1 lease payment from internal funds internal funds Funds that are raised within a firm. For example, income after taxes and noncash expenses, such as depreciation, provide a firm with funds to use in the acquisition of investments. , approved by the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , which allowed the bond fund to fully meet the May 15, 2006 debt service payment due on the development revenue bonds. At this time, all pool participants' payments are current. The next lease payments by Dana Corp. and EPP are due June 1, 2006. Fitch will continue to follow whether these and future payments are made and whether the companies choose to affirm their leases with the Port Authority through the bankruptcy court, which may take several months. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion