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Article: Fitch Rates City of Albuquerque, New Mexico's $55MM Third Lien Airport Rev CP Notes 'F1+'.
- Article from:
- Business Wire
- Article date:
- October 25, 2006
CopyrightCOPYRIGHT 2006 Business Wire. 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)
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NEW YORK -- Fitch assigns a rating of 'F1+'to the City of Albuquerque, New Mexico's (the city), $55,000,000 Third Lien Airport Revenue Commercial Paper Notes, consisting of Series A(Non-AMT), Series B (AMT) and Series C (Taxable) (collectively, the 'Notes'). The rating is based on the support provided by The Bank of New York, in the form of an irrevocable direct-pay Letter of Credit, (LOC). The LOC is sized to cover up to $55,000,000 in principal plus 270 days of interest, calculated at the maximum rate of 12% based on a year of 360 days. The rating will expire on the earlier of Oct. 26, 2011, the Letter of Credit Expiration Date, as defined in the LOC, unless such date ...