Transaction Update: Ohio Water Development Authority ? Series 2008-B Apr 12
Standard & Poors, April 2012
Abstract
On April 2, 2012, Standard & Poor's Ratings Services raised its rating on Ohio Water Development Authority's pollution control revenue refunding bonds series 2008-B (for the FirstEnergy Generation project) due Oct. 1, 2018, to 'AA+/A-1+' from 'BBB-' following the addition of a letter of credit (LOC) from The Bank of Nova Scotia N.A. ('AA-/A-1+'). The 'AA+/A-1+' rating reflects our opinion of the joint support that Bank of Nova Scotia and FirstEnergy Generation Corp. (First Energy Generation; 'BBB-') provide in the form of an irrevocable direct-pay LOC and a loan agreement, respectively. Under the LOC, Bank of Nova Scotia fully supports all bond payment obligations when the bonds are in a daily or weekly interest rate reset mode. Therefore, our rating...
Companies mentioned in this report are: Ohio Wtr Dev Auth
Action: Upgraded
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.
Research Type: Full Analysis
Ohio Wtr Dev Auth
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