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Fitch Upgrades Los Angeles International Airport, California, Revs.



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 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.
 upgrades the ratings to 'AA/F1+' from 'A+/F1+' on the Los Angeles Department of Airports, California, Los Angeles International Airport “LAX” redirects here. For other uses, see LAX (disambiguation).

“KLAX” redirects here. For other uses, see KLAX (disambiguation).

Los Angeles International Airport (IATA: LAX, ICAO: KLAX, FAA LID: LAX
 as follows:

--Subordinate revenue bonds 2002 subseries C1;

--Subseries C2 2002;

--2003 series A.

The 'AA/F1+' ratings are based upon the support of the two letters of credit (LOCs) provided by BNP Paribas, which provide for payment of principal, interest, and purchase price. Effective March 11, 2005, the severally obligated ob·li·gate  
tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates
1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force.

2. To cause to be grateful or indebted; oblige.
 Bayerische Landesbank, JPMorgan Chase Bank, and Landesbank Baden-Wurttemberg LOCs will be replaced by two alternate LOCs provided by BNP Paribas, acting through its San Francisco Branch.

The alternate LOCs cover principal, interest, and purchase price of the bonds. The interest portion of the available commitment represents 34 days of interest on the bonds computed at a rate of 12% based on a year of 365 days.

The ratings on the bonds will expire upon the LOCs stated termination date termination date,
n See expiration date.
, March 10, 2010, unless extended pursuant to its terms, upon conversion to any mode other then daily or weekly, or upon any prior termination of the letter of credit.
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Publication:Business Wire
Date:Mar 2, 2005
Words:184
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