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Article: Fitch Rates New York City IDA Adjustable Rate Bonds 'A+/F1'.
- Article from:
- Business Wire
- Article date:
- December 13, 2002
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Business Editors
NEW YORK--(BUSINESS WIRE)--Dec. 13, 2002
The New York City Industrial Development Agency's $3,725,000 Adjustable Rate Demand Industrial Development Revenue Bonds (2002 Abigal Press Inc. Project) are rated 'A+/F1' by Fitch Ratings.
The rating is based on an irrevocable, direct-pay letter of credit (LOC) issued by JPMorgan Chase Bank, securing the bonds. The bank is obligated to make payments of (1) principal of and interest on the bonds upon maturity, acceleration and redemption, and (2) purchase price for tendered bonds. The rating will expire on the earliest of: (a) December 19, 2007, the stated expiration of the LOC; (b) any ...