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Summary: Fremont, CA's COPs Rating Raised To ?AAA/A-1+'; Joint Criteria
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard & Poor's Ratings Services raised its rating on Fremont, Calif.'s (1998 Family Resource Center Financing Project) variable-rate demand certificates of participation to 'AAA/A-1+' from 'AAA/A-1'. The upgrade is based on the substitution of the letter of credit (LOC) provided by KBC N.V. (A/A-1) with a LOC provided by U.S. Bank National Association (AA-/A-1+). The 'AAA' long-term component of the rating is based on Standard & Poor's joint criteria (assuming low correlation). The short-term component of the rating is based solely on the LOC bank. As set forth in our joint criteria, we believe that the likelihood of nonpayment is reduced when two unaffiliated entities are obligated to make debt service payments. In this case, the city of Fremont (AA)...
Companies mentioned in this report are: Fremont