Fitch to Confirm Raleigh, North Carolina 'AA' 2004A VR COPs; 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 'AA' rating assigned to Raleigh North Carolina's (the city) $55,000,000 million of outstanding variable rate certificates of participation (COPs), series 2004A. Fitch will also upgrade the city's short-term rating to 'F1+' from 'F1.' These rating actions are in connection with the city's plan to convert the bonds to an initial long-term interest rate mode. The rating confirmation and upgrade will be effective on the conversion date of Jan. 21, 2009 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 city'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on the business date following the conversion date and the 'F1' liquidity enhanced rating on the bonds will be withdrawn.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 Jan. 15, 2010. During this initial long-term rate mode, interest on the bonds will be payable on June 1, 2009, Dec. 1, 2009 and the day next succeeding the last day of the initial long-term interest rate period. The bonds will be subject to mandatory tender on the purchase date of Jan. 16, 2010 to be paid from remarketing proceeds. To the extent that remarketing proceeds are unavailable to pay the purchase price, the city 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 city fails to pay the purchase price on the purchase date, the bonds are immediately due and payable on the next succeeding business day. At the end of the initial long-term interest rate period, the city will have the option to convert the bonds to either: (i) a daily interest rate; (ii) a weekly interest rate; (iii) a bond interest term rate; (iv) or a new long-term interest rate. Conversion to a daily interest rate, 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 city first obtaining a commitment for a liquidity facility. Should the city fail to obtain the required liquidity facility, the city shall establish a new long-term interest rate period. Establishment of another long-term interest rate period does not require the city to obtain a liquidity facility to pay the purchase price for the mandatory tender. The current remarketing agent, Citigroup Global Markets, Inc., will be replaced by RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
Fitch also confirms the following outstanding rating for the city with a Stable Rating Outlook: --$188,425,000 downtown improvement COPs at 'AA'. 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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