Fitch Withdraws S-T Rating on Detroit Sewage Disposal System Rev VRDBs, Ser 2001(C-1) & 2003(B).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 short-term 'F1+' rating assigned to the City of Detroit, Michigan's sewage disposal system senior lien senior lien n. the first security interest (lien or claim) placed upon property at a time before other liens, which are called "junior" liens. (See: mortgage, deed of trust, lien, UCC-1) revenue refunding bonds (variable-rate demand bonds [VRDBs]), series 2001(C-1) and series 2003(B). The rating action is taken in connection with the conversion of the interest rate on the bonds to the fixed-rate mode from the weekly rate mode. On June 17, 2009, the interest rate conversion date, a mandatory tender of the variable-rate bonds will take place and the Standby Bond Purchase Agreement provided by Dexia Credit Local, acting through its New York Branch, will expire. The long-term 'AA+' rating (on Rating Watch Negative by Fitch) continues to be based on a 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 provided by Financial Security Assurance; with this conversion, however, the term bond maturing July 1, 2024 is not insured and carries only the underlying rating. The underlying rating of 'A+' was assigned on March 6, 2009. 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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