Fitch to Confirm $170MM Kansas Dept of Transportation, Series 2002B VRDBs at 'AA/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 Sept. 15, 2009, Fitch Ratings will confirm the 'AA/F1+'rating currently assigned to the $170,005,000 State of Kansas Department of Transportation The Kansas Department of Transportation (KDOT) is a state government organization in charge of maintaining public roadways of the U.S. state of Kansas. External links
The rating action is in connection with the substitution of the current 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 ) issued by Dexia Credit Local and WestLB, AG which provides liquidity for the bonds, with a SBPA issued by Barclays Bank PLC (Barclays). On Sept. 15, 2009, the effective date of the Barclays SBPA, the short-term rating on the bonds will be confirmed at 'F1+' based on the Barclays SBPA. The short-term rating for the bonds will expire upon the earliest of: Sept. 15, 2011 the stated expiration date of the SBPA or any prior termination of the SBPA. Barclays Capital is the remarketing agent for the series 2002 B-1 and 2002 B-2 bonds. Goldman, Sachs & Co. is the remarketing agent for the series 2002B-3 bonds. KDOT's long-term 'AA' rating reflects the broad-based and diverse constitutionally dedicated revenue stream of the gross revenues in the state highway fund, which includes revenues from motor fuel taxes and vehicle registration fees, along with the protections afforded by the 3 times (x) additional bonds test Additional bonds test A test for ensuring that bond issuers can meet the debt service requirements of issuing any new additional bonds. additional bonds test as well as the covenant by the state to ensure revenues in the fund cover annual debt service 3x. Highway revenue bonds totaling $1,272 million were issued to support the Comprehensive Transportation Program (CTP CTP (cytidine triphosphate): see cytosine. (1) (Computer-To-Plate) The production of printing plates directly from the computer without requiring film as an intermediate step. ) through fiscal 2009. The CTP is the state's principal capital focus. The bonds are payable on parity, as special obligations of the state, the legislature has, and may well continue to, alter the components and/or distribution formulas of the revenues credited to the fund. However, bondholders are insulated from the changes to the extent that the state has covenanted to maintain revenues in the highway fund at least equal to 3x coverage of annual debt service. 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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