Standard & Poor's Ratings Services assigned its 'AAA/A-1' rating to Merrill Lynch Puttable FLOATs/RITES Trust, series PT-3701, relating to California Infrastructure and Economic Development Bank Bay Area Toll Bridges Seismic Retrofit revenue bonds, series 2003A first-lien bonds. The 'AAA' long-term component of the rating is based jointly (assuming low correlation) on a custody receipt supported by the underlying bonds (AAA) and credit enhancement in the form of a letter of credit (LOC) agreement provided by Dexia Credit Local (A). The Dexia LOC functions as a standby facility and the custodian is instructed to notify Dexia if the underlying bonds fail to pay when due (or for any mandatory tender events under the custodial receipt documents). The custodian is further instructed...
Companies mentioned in this report are:
- California Dept of Transportation
- Merrill Lynch Put FLOATs/RITES tr ser PT-1000
Action: New Rating
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