Fitch Confirms $150MM Los Angeles Dept Water & Pwr (CA) VRDBs Ser 2002 A-1, A-2 & A-8 at 'F1+'
Source: Business Wire
The long-term 'AA-' rating on the bonds continues to be based on the rating assigned to the power system bonds issued by the LADWP. On the effective date of June 25, 2009, the short-term 'F1+' rating assigned to the bonds will be based on a substitute liquidity facility in the form of a SBPA issued by JPMorgan Chase Bank, National Association. The SBPA provides for the payment of the principal component of the purchase price of the bonds and up to 34 days of interest calculated at a maximum rate of 12% per annum based on a year of 365 days in the event that remarketing proceeds are insufficient.
The short-term rating expires on June 24, 2010, the Stated Expiration Date as defined in the SBPA, or if such date is extended, on the extended expiration date, or upon any prior termination of the SBPA.
Morgan Stanley serves as Remarketing Agent for the subseries A-1 and Loop Capital Markets, LLC serves as Remarketing Agent for subseries A-2 and A-8.
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.
Contact:
Fitch Ratings
Mario Civico, +1-212-908-0796
(for information concerning the variable rate bonds, New York)
Kathy Mastersonm, +1-415-732-5622
(for information on the long-term rating assigned to the Los Angeles
Department of Water and Power, San Francisco)
Cindy Stoller, +1-212-908-0526
(Media Relations, New York)
cindy.stoller@fitchratings.com
