Transaction Update: County Of Carroll, Ky. ? Series 2008A
Standard & Poors
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Research Type: Full Analysis
Abstract
On May 2, 2011, Standard & Poor's Ratings Services lowered its rating on County of Carroll, Ky.'s environmental facilities revenue bonds series 2008A (for the Kentucky Utilities Co. project) due Feb. 1, 2032, to 'AA+/A-1+' from 'AAA/A-1+' following the replacement of the irrevocable direct-pay letter of credit (LOC) that Wells Fargo Bank N.A. ('AA/A-1+') had provided with a new LOC from Sumitomo Mitsui Banking Corp. ('A+/A-1'). The 'AA+/A-1+' rating reflects our opinion of the joint credit and liquidity support that Sumitomo Mitsui Banking Corp. and Kentucky Utilities Co. ('BBB/A-2') provide in the form of an irrevocable direct-pay LOC and a loan agreement, respectively. Under the LOC, Sumitomo Mitsui Banking Corp. fully supports all bond payment obligations when the bonds are...
Companies mentioned in this report are: Carroll Cnty
Action: Downgraded
Carroll Cnty
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