|
|
Article: Fitch Assigns F1-Plus to MWAA's $150M Commercial Paper Program.
- Article from:
- The Bond Buyer
- Article date:
- November 10, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Fitch Ratings has assigned an F1-plus rating to the Metropolitan Washington Airports Authority's expanded $150 million commercial paper program, the contracts for which are expected to be finalized today.
The rating on the debt is based on the support of an irrevocable, direct-pay letter of credit provided by JP Morgan Chase Bank, according to Fitch. The rating on the commercial paper notes will expire March 13, 2008, or upon any prior termination of the letter of credit.
Standard & Poor's rated the program A1-plus and Moody's Investors Service rated it P1. The MWAA previously had a $100 million commercial paper program.
Proceeds of the notes ...