Fitch to Confirm Mecklenburg County, North Carolina 'AAA' 2006A VRDBs, Upgrade S-T to '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 -- 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 long-term 'AAA' rating assigned to Mecklenburg County Mecklenburg County is the name of two counties in the United States:
The rating confirmation and upgrade will be effective on the conversion date of Dec. 18, 2008, at which time the following will occur: (i) the bonds will be converted from a weekly rate mode to an initial long-term interest rate mode; (ii) Fitch will upgrade the short-term rating to 'F1+' based on Fitch's assessment of the county's own liquidity; and (iii) the liquidity facility provided in the form of a standby standby Medtalk adjective Referring to the immediate availability of a certain specialist–anesthesiologist, surgeon, who can be deployed in a medical emergency. Cf Concurrent. bond purchase agreement issued by DEPFA DEPFA Deutsche Pfandbriefanstalt (German bonds Institution) Bank PLC will terminate on the business date following the conversion date and the 'F1' liquidity enhanced rating on the bonds will be withdrawn. The initial long-term rate mode will end on Nov. 4, 2009. During this initial long-term rate mode, interest on the bonds will be payable on Nov. 5, 2009; there will be no other interest rate payments during this period. The bonds will be subject to mandatory tender on the purchase date of Nov. 5, 2009 to be paid from remarketing proceeds. To the extent that remarketing proceeds are unavailable to pay the purchase price, the county is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay the purchase price. If the county fails to pay the purchase price on the purchase date, the bonds are immediately due and payable on the next succeeding business day and will bear a 12% annual rate until the purchase price is paid. At the end of the initial long-term interest rate period, the county will have the option to convert the bonds to either: (i) a weekly interest rate; (ii) a bond interest term rate; (iii) or a new long-term interest rate. Conversion to a weekly interest rate or bond interest term rate is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the county first obtaining a commitment for a liquidity facility. Should the county fail to obtain the required liquidity facility, the county shall establish a new long-term interest rate period. Establishment of another long term interest rate period does not require the county to obtain a liquidity facility to pay the purchase price for the mandatory tender. Fitch also confirms the following outstanding rating for the county with a Stable Rating Outlook: --$1.8 billion GO bonds at 'AAA'. 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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