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Summary: Alabama Public School & College Authority; Miscellaneous Tax Dec 10 Product Image

Summary: Alabama Public School & College Authority; Miscellaneous Tax Dec 10

  • ID: 1790827
  • December 2010
  • Region: Alabama
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services revised its outlook to stable from negative on the Alabama Public School and College Authority-s existing debt based on the adoption and subsequent execution of a settlement agreement with JP Morgan Chase Bank. This follows a federal court ruling in a declaratory judgment action filed by the authority in October 2008 in connection with a dispute between the authority and JP Morgan Chase Bank involving various swap options entered into in 2002 and amended in 2003. On Dec. 21, 2010, the authority paid $19 million to JP Morgan Chase Bank and settled a swap termination dispute that could have potentially cost the authority as much as $122 million. Standard & Poor's also affimed its 'AA'...

Companies mentioned in this report are:
- Alabama Pub Sch & Coll Auth

Action: Outlook: Stable

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