Fitch Confirms S-T Rtg on $50MM Los Angeles Dept Water & Pwr VRDBs Ser 2002 A-7 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 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 Landesbank Hessen-Thuringen Girozentrale, acting through its New York Branch. 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.
Citigroup Global Markets Inc. serves as Remarketing Agent for the Subseries A-7.
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 (New York)
(for information concerning the variable rate bonds)
Kathy Masterson, +1-415-732-5622 (San Francisco)
(for information on the long-term rating assigned
to the Los Angeles Department of Water and Power)
Cindy Stoller, +1-212-908-0526
(Media Relations, New York)
cindy.stoller@fitchratings.com
