Standard & Poor's Rating Services assigned its 'A+/A-1' rating to New Jersey Economic Development Authority's (Keystone Energy Service Co. LP) exempt facility revenue refunding bonds (Keystone 2012 Project), based on an irrevocable letter of credit (LOC) provided by BNP Paribas (A+/A-1). The LOC provides coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds. The initial LOC provides for a maximum of 90 days of interest coverage at 10% per annum. The stated expiration date of the LOC is Jan. 1, 2015. Upon the expiration date, the rating will be withdrawn unless the LOC is extended pursuant to its terms, or unless an alternate LOC is delivered. Initially, the bonds shall bear interest...
Companies mentioned in this report are:
- Keystone Energy Service Co. L.P.
- New Jersey Econ Dev Auth
Action: New Rating
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