Summary: Massachusetts; General Obligation, State GO; Public Finance Structured, Liquidity Facility Dec 00
- ID: 1804306
- December 2000
- Region: Massachusetts
- Standard & Poors
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....
Companies mentioned in this report are:
Action: New Rating
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 and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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. SHOW LESS READ MORE >