Summary: Alabama Public School & College Authority; Miscellaneous Tax

Standard & Poors, December 2010

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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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Alabama Pub Sch & Coll Auth

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