Summary: Santa Clara Vy Wtr Dist, CA; Public Finance Structured, Letter of Credit Jan 03
- ID: 1858497
- January 2003
- Standard & Poors
The 'A-1+' rating on the Santa Clara Valley Water District's CP certificates series A and B is based on a direct pay LOC provided by WestLB AG's 'A-1+', short-term rating. The LOC expires on Jan. 17, 2006 and purchases all notes upon maturity. The notes have terms no longer than 270 days and are not subject to redemption prior to maturity. Proceeds of the issue will be used for financing capital improvements for the system....
Companies mentioned in this report are:
- Santa Clara Vy Wtr Dist
- Portigon AG (Unsolicited Ratings)
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.