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...
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Action: New Rating
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