Standard & Poor's Ratings Services affirmed its 'AAA/A-1' rating on the City of Roseville, Calif.'s electric system revenue refunding certificates of participation (COPs), series 2008A. The long-term portion of the dual rating is based on the application of our low-correlation joint-support criteria, based on a letter of credit (LOC) from Morgan Stanley Bank NA (A+/A-1), which is the new LOC provider for the 2008A COPs, effective on the substitution date of May 11, 2011. The new LOC provides full principal coverage on the bonds (up to $90 million), and interest coverage in the weekly and daily modes at a 12% maximum interest rate. The LOC will expire on May 11, 2014, unless terminated earlier pursuant to its terms, and it...
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