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Transaction Update: Ohio Water Development Authority ? Series 2008-B Apr 12

  • ID: 2163559
  • April 2012
  • Region: Ohio
  • Standard & Poors
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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

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Research Type: Full Analysis

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Ohio Wtr Dev Auth

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