Dépêches
Fitch to Confirm 'F1+' Rating on San Francisco Intl Airport (CA), Sub CP Notes, Series A-D
Dépèche transmise le 28 avril 2011 par Business Wire
NEW YORK--(BUSINESS WIRE)--On the effective date of May 2, 2011, Fitch Ratings will confirm the 'F1+' rating assigned to the Airport Commission of the City and County of San Francisco, San Francisco International Airport's subordinate commercial paper (CP) notes, series A (AMT), series B (Non-AMT/Governmental Purpose), series C (Taxable) and series D (Non-AMT Private Activity). The rating action is in connection with (1) the reoffering of the notes in eight subseries as follows: series A (AMT) as series A-1 (AMT) and series A-2 (AMT); series B (Non-AMT/Governmental Purpose) as series B-1 (Non-AMT/Governmental Purpose) and series B-2 (Non-AMT/Governmental Purpose); series C (Taxable) as series C-1 (Taxable) and series C-2 (Taxable); and series D (Non-AMT Private Activity) as series D-1 (Non-AMT Private Activity) and series D-2 (Non-AMT Private Activity); and (2) the substitution of the irrevocable direct-pay letter of credit (LOC) currently provided by State Street Bank and Trust Company (State Street, rated 'A+/F1+', with a Stable Outlook by Fitch) with separate LOCs to be provided by: (i) State Street Bank and Trust Company with respect to the series A-1, B-1, C-1 and D-1 notes and (ii) Barclays Bank PLC (Barclays, rated 'AA-/F1+', with a Stable Outlook) with respect to the series A-2, B-2, C-2 and D-2 notes. The notes are being offered in an amount not to exceed $100,000,000 of series A-1, B-1, C-1 and D-1 notes; and in an amount not to exceed $100,000,000 of series A-2, B-2, C-2 notes and D-2.
On May 2, 2011, the 'F1+' assigned to the series A-1, B-1, C-1 and D-1 notes will be based on the State Street LOC, and the 'F1+' assigned to the series A-2, B-2, C-2 and D-2 notes will be based on the Barclays LOC. Each LOC will provide principal coverage of up to $100,000,000 plus an amount of interest equal to 270 days calculated at a maximum rate of 12% based on a 365-day year. The 'F1+' rating for each series of notes will expire on May 2, 2014, the expiration date of each LOC, unless such dates are extended or any prior termination of the respective LOCs. The Issuing and Paying Agent is Deutsche Bank National Trust Company. J.P. Morgan Securities LLC, RBC Capital Markets Corporation and Barclays Capital Inc. are the dealers for the notes.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Rating Criteria', April 25, 2011;
--'Rating Guidelines for Commercial Paper Note Programs Issued with External Support', April 11, 2011.
Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129
Rating Guidelines for Commercial Paper Note Programs Issued with External Support
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=619027
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