Fitch Withdraws Rating on Yorkville, Illinois' Ser 2006B GOs; Rates 2007A GOs 'A'.CHICAGO -- 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. withdraws the 'A' rating on the United City of Yorkville, Illinois' $3 million general obligation (GO) refunding bonds, series 2006B, because the bonds were not sold in conjunction with its November 2006 sale of series 2006A debt certificates, as planned. Fitch assigns an 'A' rating to the city's approximately $3 million GO refunding bonds (alternate revenue source), series 2007A. Series 2007A will price through LaSalle Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. on Feb. 22, with Speer Financial, Inc. serving as financial advisor on the transaction. The bonds are payable from ad valorem taxes Ad Valorem Tax A tax based on the assessed value of real estate or personal property. In other words ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenues for state and municipal governments. levied on all taxable property within the city without limitation as to rate or amount, although the city intends to repay the obligation using waterworks waterworks: see water supply. and sewerage system revenues. Proceeds will refinance outstanding debt. Fitch also affirms the 'A' rating on the city's GO debt and the 'A-' rating on the city's outstanding debt certificates. The Rating Outlook is Stable. For further details, see Fitch press release dated Nov. 9, 2006. 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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