Summary: District of Columbia, DC; Public Finance Structured, Insured Liquidity Dec 01

Standard & Poors, December 2001

Abstract
The long-term component of the ratings on District of Columbia's multimodal general obligation refunding bonds series 2001C and 2001D are based on a bond insurance policy provided by FGIC and the short-term component of the ratings is based on a liquidity facility in the form of a standby bond purchase agreement (SBPA) from FGIC Securities Purchase Inc. (FGIC-SPI). The obligations of FGIC-SPI under the SBPA are secured by General Electric Capital Corp. pursuant to a standby loan agreement. The SBPA covers purchase price of tendered bonds and 184 days' interest calculated at a maximum rate of 10%. The SBPA will expire on Dec. 5, 2006, unless extended or earlier terminated pursuant to its terms. The bonds will be issued in...

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.

- District of Columbia

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