Fitch Upgrades Los Angeles International Airport, California, Revs.
--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 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, 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.
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 2, 2005|
|Previous Article:||Forest City Announces Sale of Showcase Specialty Retail Center in Las Vegas.|
|Next Article:||FERC Approves PNM Resources' Acquisition of TNP Enterprises.|