Summary: District of Columbia; Insured Liquidity Nov 07
Standard & Poors, November 2007
Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' rating on District of Columbia's general obligation variable refunding rate bonds series 2002D based on the substitution of a SBPA from Dexia Crédit Local (AA/A-1+) for an existing SBPA from Bank of America (AA+/A-1+) on Oct. 31, 2007. The long-term component of the rating on the bonds continues to be based on a bond insurance policy provided by MBIA (AAA). The substituted SBPA shall provide for principal of and interest on the bonds that bear interest only in the daily and weekly rate modes. The SBPA shall provide coverage for 34 days of interest at maximum annual rate of 10%. The SBPA will automatically terminate upon the occurrence of certain events, including,...
Companies mentioned in this report are:
- District of Columbia
Action: Affirmed
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.
- District of Columbia
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