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Transaction Update: Delaware County Authority ? Series 2006 Oct 11 Product Image

Transaction Update: Delaware County Authority ? Series 2006 Oct 11

  • ID: 1928492
  • October 2011
  • Region: Delaware
  • Standard & Poors

Abstract
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
Action: Downgraded

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: Full Analysis

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Delaware Cnty Auth

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