Summary: AARP, DC; Public Finance Structured, Letter of Credit Oct 04

  • ID: 1930229
  • October 2004
  • Standard & Poors
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  • AARP
  • District of Columbia
  • MORE

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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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.

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- District of Columbia

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