Fitch Withdraws ST Underlying Ratings on South Carolina PSA (Santee Cooper) CP Notes.
Austin: Fitch Ratings has withdrawn the 'F1' underlying ratings on South Carolina Public Service Authority's (Santee Cooper) commercial paper notes series B (tax-exempt), series BB (taxable), series C (tax-exempt), series CC (taxable), series D (tax-exempt), series DD (taxable), series E (tax-exempt) and series EE (taxable).
The 'F1' underlying ratings are withdrawn since they are no longer relevant to the commercial paper notes. The series B, BB, C and CC notes are all rated 'F1+' based on support provided by irrevocable direct-pay letters of credit provided by Wells Fargo Bank, NA (AA-/F1+/Stable) for series B and and BB and US Bank, NA (AA/F1+/Stable) for series C and CC. The series D and DD are rated 'F1' based on support provided by an irrevocable direct-pay letter of credit from Bank of America, NA (A+/F1/Stable).
In addition, Fitch has withdrawn the 'F1' rating and underlying rating on Santee Cooper's commercial paper notes series E and EE. The revolving credit agreement supporting these series was terminated as of July 27, 2017.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Dec 29, 2017|
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