- Published: May 2012
- Region: United States
Summary: Merrill Lynch Puttable FLOATs/RITES Trust Series PT-1000 Chicago Board of Education; Joint Criteria Mar 11
- Published: March 2011
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'AAA/A-1' rating to Merrill Lynch Puttable FLOATs/RITES Trust, series PT-3569, relating to the Board of Education of the City of Chicago's unlimited tax general obligation refunding bonds (dedicated revenues), series 2005A. The 'AAA' long-term rating is based jointly (assuming low correlation) on a custody receipt supported by the underlying bonds (AA-) 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 to notify...
Companies mentioned in this report are: Chicago Brd of Ed,Merrill Lynch Put FLOATs/RITES tr ser PT-1000
Action: New Rating
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Chicago Brd of Ed,Merrill Lynch Put FLOATs/RITES tr ser PT-1000