Fitch Rates Irvine Ranch Water Dist Consolidated 2009A Bonds 'AA-/F1+' & 2009B Bonds 'A+/F1+'
Source: Business Wire
The series 2009A bonds initially bear interest at a weekly rate. The series 2009B bonds initially bear interest at a daily rate. Each series may be converted to a daily, weekly, monthly, flexible, term, semiannual, annual, or fixed rate. While the bonds bear interest in the weekly or daily rate modes, interest payments are on the first business day of each month commencing July 1, 2009. Holders may tender their bonds on any business day, provided the remarketing agent and tender agent are given at least seven calendar days' prior notice of the purchase in the weekly rate, or notice by 11:00 a.m., NY time on any business day in the daily rate. Each series of bonds is subject to mandatory tender: (1) upon conversion of the interest rate; (2) on the fifth business day prior to expiration; (3) any substitution of the letter of credit; and (4) the eighth day following trustee's receipt of notice from the bank of an event of default under the reimbursement agreement, and directing a mandatory tender. The bank has the option of directing an acceleration instead of a mandatory tender upon notice to the trustee of an event of default under the reimbursement agreement. LOC interest draws are subject to automatic and immediate reinstatement. Optional and mandatory redemption provisions also apply to the bonds.
Bond proceeds will be used to finance certain water and sewer system improvements and related facilities of the water district serving the improvement districts, including reimbursing certain costs previously paid, and pay certain costs of issuing the bonds.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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Fitch Ratings, New York
Joseph Staffa, 212-908-0829
or
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Cindy Stoller, 212-908-0526
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