Dépêches

Fitch Rates The Port of Portland, Oregon Portland Airport 2009A Rfdg Revs 'A+/F1+'

Dépèche transmise le 9 juin 2009 par Business Wire

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a rating of 'A+/F1+' to The Port of Portland, Oregon, Portland International Airport passenger facility charge refunding revenue bonds, consisting of:

--$29,000,000 subseries 2009A-1;

--$28,985,000 subseries 2009A-2.

The rating is based on the support provided by an irrevocable direct-pay letter of credit (LOC) issued by Bank of America, N.A. (the Bank), securing the bonds. The Bank is obligated to make regularly scheduled payments of principal of and interest on the bonds as well as purchase price for tendered bonds. The rating will expire upon the earliest of: (a) June 24, 2011, the initial stated expiration date of the LOC, unless such date is extended; (b) any prior termination of the LOC; and (c) defeasance of the bonds. The LOC provides full and sufficient coverage of principal plus an amount equal to 34 days' interest at a maximum rate of 12% based on a year of 365 days and purchase price for tendered bonds, while the bonds bear interest in a weekly or daily interest rate mode. The remarketing agents for the subseries 2009A-1 is Goldman, Sachs & Co. and the remarketing agent for the subseries 2009A-2 bonds is Merrill Lynch, Pierce, Fenner & Smith Incorporated. The bonds are expected to be delivered on or about June 24, 2009.

The bonds initially bear interest at a weekly interest rate, but may be converted to a daily, commercial paper, indexed, term or fixed interest rate mode. While bonds bear interest in the weekly or daily rate modes, interest payments are the first business day of each month, commencing July 1, 2009. During the daily and weekly mode, holders may tender their bonds on any business day, provided the trustee and remarketing agent are given requisite prior notice of the purchase. The bonds are subject to mandatory tender: (1) during a commercial paper rate mode, on the Purchase Date; (2) upon conversion of the interest rate; and (3) upon expiration, termination or substitution of the LOC. Optional and mandatory redemption provisions also apply to the bonds.

Bond proceeds will be used to refund outstanding series 1999 bonds of The Port of Portland.

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.