- Language: English
- Published: December 2011
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
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