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Summary: Merrill Lynch Put FLOATs/RITES tr ser PT-1000 Chicago Board of Education; Joint Criteria Mar 11
Standard & Poors, March 2011
Standard & Poor's Ratings Services assigned its 'AAA/A-1' rating to Merrill Lynch Puttable Floating Option Tax-Exempt Receipts, series PT-2931 relating to the Board of Education of the City of Chicago's unlimited tax general obligation refunding bonds (dedicated revenues), series 2005A, and its 'AAA' rating to the residual interest tax-exempt receipts. The 'AAA' long-term ratings are 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...
Companies mentioned in this report are: Chicago Brd of Ed,Merrill Lynch Put FLOATs/RITES tr ser PT-1000
Action: New Rating
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Chicago Brd of Ed,Merrill Lynch Put FLOATs/RITES tr ser PT-1000