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Summary: Jasper-Morgan-Newton-Walton Counties Joint Development Authority, Georgia; Insured Liquidity
Standard & Poors, February 2009
Standard & Poor's Ratings Services raised its rating on Jasper-Morgan-Newton-Walton Counties Joint Development Authority, Ga.'s taxable adjustable-rate revenue bonds series 1999 to 'AA-/A-1+' from 'A'. The 'AA-/A-1+' rating is based on a letter of credit (LOC) provided by Bank of America N.A. The prior 'A' rating was based on bond insurance provided by AMBAC and a standby bond purchase agreement (SBPA) with The Bank of New York Mellon. The bond insurance policy has been cancelled, and the trust indenture was amended and restated to provide for the delivery of the LOC. The LOC will be used to pay debt service on the bonds and is available for tenders if there are insufficient remarketing proceeds. The bonds will be in the...
Companies mentioned in this report are: Jasper-Morgan-Newton-Walton Cnties Jt Dev Auth
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Jasper-Morgan-Newton-Walton Cnties Jt Dev Auth