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
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