Fitch to Confirm Kissimmee Utility Auth (FL) 'AAA' & Assign Short-Term 'F1+' Rating to Sub Ser 2003.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 July 17, 2008, 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. will confirm the 'AAA' long-term rating and assign an 'F1+' short-term rating to $60,700,000 Kissimmee Utility Authority Kissimmee Utility Authority was founded in 1901 and is Florida's sixth largest community-owned utility providing electric and telecommunication services to 63,000 customers in Osceola County, Florida. KUA owns and operates the Roy E. , Electric System refunding revenue bonds, subordinate series 2003. The rating actions are being taken in connection with the conversion of the interest rate on the bonds from an M-STARS rate mode to a weekly rate mode, the provision 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 ) to provide liquidity support for the bonds while in a weekly interest rate mode, and the reoffering of the bonds. The long-term 'AAA' rating assigned to the bonds will continue to be based on the support of a financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. insurance policy provided by Financial Security Assurance Inc., which insures scheduled payments of principal and interest. The insurance policy extends to the maturity date of the bonds, October 1, 2018. The short-term 'F1+' rating assigned to the bonds will be based on the liquidity support of the SBPA provided by Dexia Credit Local, acting through its New York Branch. The SBPA provides for the payment of the purchase price of tendered bonds during a weekly interest rate mode, and is sized to cover the principal portion of the purchase price and 34 days of interest at the maximum interest rate of 12%, based upon a year of 365 days. The SBPA will expire on July 17, 2011, 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. of the SBPA, unless extended; or upon the occurrence of certain events of termination as specified in the SBPA. The short-term rating assigned to each series of bonds will expire upon any expiration or termination of the SBPA. The remarketing agent for the bonds is Morgan Keegan & Company, Inc. The bonds will be reoffered at a weekly interest rate on their conversion date, July 17, 2008. After the conversion and reoffering, the bonds may be converted to a daily, flexible, fixed, M-STARS, or Auction rate mode. While the bonds bear interest in the daily or weekly interest rate mode, holders have the option to tender their bonds on any business day, following the required prior notice to the tender agent. The bonds are subject to mandatory tender: (1) on the interest payment date preceding the effective date of a substitute liquidity facility by at least one business day, if rating agency confirmation is not received; (2) not later than the fifth business day preceding the termination date termination date, n See expiration date. of the liquidity facility as stipulated in a written notice of termination received by the tender agent from the liquidity provider; (3) the interest payment date preceding the expiration or termination of the liquidity facility by at least five business days; (4) the date on which the bonds are converted to or from a book entry system; (5) upon a substitution of the LOC LOC - lines of code in connection with a failed optional or mandatory tender; (6) on each conversion date; and (7) while in a flexible rate mode, on the first day of each flexible rate period. Optional and mandatory redemption provisions also apply to the bonds pursuant to the terms of the authorizing documents. 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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