Summary: Massachusetts Development Finance Agency Smith College; Private Coll/Univ - General Obligation Jul 12
- Language: English
- Published: July 2012
- Region: Massachusetts
Massachusetts' full faith and credit GO pledge secures all six series of bonds. Liquidity support for principal only on the series A variable-rate demand bonds is provided by a Landesbank Baden-Wurtemberg ('AAA'/'A-1+') SBPA. Liquidity support for principal only on the series B variable-rate demand bonds is provided by a Toronto Dominion Bank ('AA-'/'A-1+') SBPA. The SBPAs provide principal-only coverage for unremarketed tendered bonds. The commonwealth is obligated to make timely interest payments for unremarketed tendered bonds. The series D-G bonds will be issued in auction-rate modes. The various modes are: One day, seven days, 28 days, 35 days, three months, six months, and a special auction period that is no less than seven days but no more than 1,092 days....
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Action: New Rating
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