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Minneapolis, Minnesota; Tax Secured, General Obligation Mar 05

  • ID: 1781545
  • March 2005
  • Region: Minnesota
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'AAA/A-1+' rating to Minneapolis, Minn.'s general obligation tax increment bonds, series 2005, issued for the Mill Quarter Ramp project, and the general obligation Guthrie Parking Ramp bonds. The 'AAA' long-term component of the rating was based on the 'AAA' GO rating on the city's bonds, reflecting the general creditworthiness of the city. The 'A-1+' short-term component was based on a standby bond purchase agreement (SBPA) provided by Dexia Credit Local ('AA/A-1+'). The initial SBPA shall: Provide coverage for unremarketed tendered bonds for a maximum of 92 days at 10% per year; Provide coverage for bonds bearing interest at the weekly rate where the interest payment dates are quarterly; Terminate its coverage without notice...

Companies mentioned in this report are:
- Minneapolis

Action: New Rating

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.

Research Type: Full Analysis

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- Minneapolis

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