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Summary: Poughkeepsie Industrial Development Agency, NY Series 2001 Bonds Rating Raised To 'AA-/A-1+'; Letter of Credit Mar 12
Standard & Poors, March 2012
Standard & Poor's Ratings Services raised its rating on the Poughkeepsie Industrial Development Agency, N.Y.'s (Manor At Woodside) variable-rate senior living facilities revenue bonds series 2001 to 'AA-/A-1+' from 'A+/A-1', based on a substitute letter of credit (LOC) provided by TD Bank N.A. (AA-/A-1+). The LOC will provide payments for regularly scheduled principal and interest payments, as well as for unremarketed tendered bonds, for 49 days at 12% per annum. The anticipated expiration date of the LOC is March 1, 2014. The bonds are currently in the weekly rate mode, but may be converted to other modes. During the weekly rate mode, bondholders will be able to tender their bonds by providing requisite notice. Upon conversion to another mode, the...
Companies mentioned in this report are: Poughkeepsie Indl Dev Agy
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Poughkeepsie Indl Dev Agy