Fitch to Affirm Charter County of Wayne, Michigan Airport Revs at 'AAA/F1+'.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 -- Effective Jan. 15, 2005, Fitch Ratings affirms the 'F1+' short-term rating assigned to the Charter County of Wayne, MI, airport revenue bonds (Detroit Metropolitan Wayne County Airport Detroit Metropolitan Wayne County Airport (IATA: DTW, ICAO: KDTW), sometimes called Detroit Metropolitan Airport, Detroit Metro Wayne Airport, Metro Airport, or simply DTW, is a major airport in Romulus, Michigan, a suburb of Detroit. ) junior lien, series 2001. The affirmation is in connection with the issuance of an alternate liquidity facility, to be provided severally by Bayerische Landesbank, acting through its New York branch and Landesbank Hessen-Thuringen, acting through its New York branch, in the form of a standby bond purchase agreement (SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards ). The substitute SBPA will replace the existing SBPA severally provided by Bayerische Landesbank, acting through its New York branch and State Street Bank and Trust Company The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the retail banking portion of this unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. . Merrill Lynch & Co. is the remarketing agent for the bonds. The long-term 'AAA' rating continues to be based on the support provided by the 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 issued by Financial Security Assurance Inc. The short-term rating will expire upon the earliest of: Dec. 1, 2008, the 'expiration date' as defined in the substitute SBPA; or any prior termination of the substitute SBPA or defeasance of the bonds. |
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