Fitch to Affirm City of Lakeland Energy System Var Rate Rev Bnds Ser 2001A.Business Editors NEW YORK--(BUSINESS WIRE)--May 19, 2004 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. affirms the 'AA-/F1+' rating assigned to the $90,000,000 City of Lakeland, Florida Lakeland is a city in Polk County, Florida, United States, located approximately midway between Tampa and Orlando along Interstate 4. As of the 2000 census, the city had a total population of 78,452 and is the largest city in Polk County. According to the 2004 U.S. , Energy System variable rate revenue bonds, series 2001A (the 'Bonds'). The Bonds were initially issued in 2001 and the short-term 'F1+' rating was based upon the support of a Standby Bond Purchase Agreement ('SBPA') issued by Toronto-Dominion Bank The Toronto-Dominion Bank (TD) (TSX: TD NYSE: TD TYO: 8640 ) is a bank headquartered in Toronto, Ontario, Canada. It is one of Canada's Big Five banks, being the second largest bank in the country by assets and market capitalization. , Houston agency. The initial 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 will be replaced, effective May 19, 2004, by a substitute SBPA, (the 'Substitute SBPA') provided by SunTrust Bank resulting in the affirmation of 'AA-/F1+'. The short-term 'F1+' is based upon the Substitute SBPA and the long-term 'AA-' rating continues to be based upon the long-term rating assigned to the City of Lakeland, Florida Energy System. The short-term rating on the Bonds will expire on the earliest to occur of (i) May 18, 2009, the 'Stated Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. ,' as defined in the Substitute SBPA; (ii) one Business Day after the Substitution Date (the date on which a substitute SBPA becomes effective); or (iii) any prior termination of the Substitute SBPA. The Substitute SBPA covers the principal amount of $90,000,000 and interest coverage in the amount of $1,035,617, which is equal to 35 days of interest at a maximum assumed interest rate of 12% per annum Per annum Yearly. based on a 365 day year. Interest coverage is calculated on the same basis as the original SBPA. Citigroup Global Markets, Inc. is the remarketing agent for the Bonds. |
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