Summary: AARP, DC; Public Finance Structured, Letter of Credit Oct 04
- ID: 1930229
- October 2004
- Standard & Poors
The rating on District of Columbia's variable-rate revenue bonds issued on behalf the AARP Foundation series 2004 is based on a direct-pay LOC provided by Bank of America N.A. (AA-/A-1+). The LOC, which expires on Oct. 21, 2014, provides coverage for principal, the purchase price for unremarketed bonds, and the interest component of up to 35 days at a maximum rate of 12%. Initially, the bonds will be issued in the weekly interest rate mode, but may be converted to a flexible-rate or fixed-rate mode. Holders may tender their bonds upon seven days' notice in the weekly rate mode. The bonds are subject to mandatory tender upon the following: On each interest payment date during a flexible-rate mode; On any...
Companies mentioned in this report are:
- District of Columbia
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.