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Summary: District of Columbia; Insured Liquidity Nov 07 Product Image

Summary: District of Columbia; Insured Liquidity Nov 07

  • ID: 1930235
  • November 2007
  • Standard & Poors

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

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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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