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Birmingham Industrial Development Board, Ala. Bonds Series 1997 'AA-/A-1+' Rating Affirmed Upon Defeasance Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 17, 2011--Standard & Poor's Ratings Services today affirmed its 'AA-/A-1+' rating on Birmingham Industrial Development Board, Ala.'s $3 million industrial development revenue bonds series 1997 due April 1, 2017. The 'AA-/A-1+' rating reflects our opinion of the credit and liquidity support that Svenska Handelsbanken ('AA-/A-1+') provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, Svenska Handelsbanken fully supports all bond payment obligations. The 'AA-' long-term component of our rating is based on our long-term issuer credit rating on Svenska Handelsbanken and addresses full and timely payments of interest and principal when the bondholders have not exercised the put option. The 'A-1+' short-term component of our rating is based...
Companies mentioned in this report are: Birmingham Indl Dev Brd
Action: Affirmed
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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