Transaction Update: Delaware County Authority ? Series 2006 Oct 11
- ID: 1928492
- October 2011
- Region: Delaware
- Standard & Poors
On Oct. 3, 2011, Standard & Poor's Ratings Services lowered its rating on Delaware County Authority's (the issuer's) variable-rate demand revenue bonds series 2006 (for the Riddle Village project) due June 1, 2037, to 'A+/A-1' from 'AA/A-1+' following the replacement of both the fronting letter of credit (LOC) from Sovereign Bank ('A/A-1') and the confirming LOC from Banco Santander S.A. ('AA/A-1+') with a single new LOC from Bank of America N.A. ('A+/A-1'). The 'A+/A-1' rating reflects our opinion of the credit and liquidity support that Bank of America N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, Bank of America N.A. fully supports all bond payment obligations when the bonds are in the weekly interest-rate reset...
Companies mentioned in this report are: Delaware Cnty Auth
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