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Summary: Lower Colorado River Authority, Texas; CP May 11

  • ID: 1786337
  • May 2011
  • Region: Colorado , Texas
  • Standard & Poors
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  • Lower Colorado River Auth
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Standard & Poor's Ratings Services affirmed its 'A-1' rating on Lower Colorado River Authority, Texas' (LCRA) tax-exempt commercial paper (CP) program and taxable CP program. The 'A-1' rating reflects LCRA's long-term credit rating (A/Stable), market access, and liquidity provided by its unrestricted cash, which it can use to purchase notes in the event of a remarketing failure. Effective May 19, 2011, LCRA management will eliminate one of the three revolving credit agreement commitments from JPMorgan Chase Bank N.A. and change the commitment amount of a second one. The net effect is that JPMorgan will provide a total of $250 million to support LCRA's tax-exempt CP program, down from $287.5 million. The new expiration date of the revolving credit agreement will...

Companies mentioned in this report are:
- Lower Colorado River Auth

Action: Affirmed

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 READ MORE >

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- Lower Colorado River Auth

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