Fitch Affirms Southern California Metro Water District 2000 B3 & B4 At 'AA+/F1+'
Source: Business Wire
-- $88,800,000 series B-3;
-- $88,800,000 series B-4.
The bonds are currently rated based on (1) the long-term credit quality of revenue bonds issued by the District with respect to the 'AA+' long-term rating, and (2) the standby bond purchase agreement (Standby) provided by National Australia Bank Limited (NAB), acting through its New York Branch, with respect to the 'F1+' short-term rating. On Aug. 18, 2006, the NAB Standby will be replaced with a Standby provided by BNP Paribas, acting through its San Francisco Branch (BNP Standby).
The 'AA+' component of the rating continues to be based on the District's revenue bond rating; and effective August 18, 2006, the short-term 'F1+' rating will be based on the BNP Standby. The short-term rating will expire on the earlier of: August 18, 2011, unless such date is extended; or any prior termination of the BNP Standby. The remarketing agent is Citigroup Global Markets Inc.
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, New York
Mary Jane Ziga, 212-908-0529
or
Media Relations:
Brian Bertsch, 212-908-0549
