Fitch Ratings assigns a rating of 'F1+' to the City and County of KEY RATING DRIVERS:
The 'F1+' rating assigned to the series 3 and 3T CP certificates is based on the support provided by an irrevocable direct-pay letter of credit (LOC) issued by
The short-term 'F1+' rating on the CP certificates will expire on the earlier of
All CP certificates will be issued at par, with interest due at maturity. Following the occurrence of an event of default under the LOC, the LOC bank may direct the DPA to immediately stop the issuance of any additional CP certificates. The bank may also deliver a final drawing notice to the DPA directing the DPA to draw for all CP certificates outstanding plus interest due thereon. In such event the LOC with expire on the earlier to occur of: (i) 15 days following the receipt by the DPA of the final drawing notice; and (ii) the date on which the drawing resulting from the delivery of the final drawing notice is honored. The DPA is instructed to draw on the LOC no later than the business day prior to the fifteenth day following the receipt of the final drawing notice. The proceeds of the final drawing will be held uninvested in a segregated payment account until all outstanding CP maturities are paid.
Proceeds will be used to fund certain capital projects.
The rating is exclusively tied to the short-term rating that Fitch maintains on the bank providing the LOC and will reflect all changes to that rating.
--'U.S. Municipal Structured Finance Criteria', Feb.y 24,;
--'Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support',
Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support
Additional information is available at 'fitchratings.com'.
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Fitch Ratings assigns a rating of 'F1+' to the City and County of
KEY RATING DRIVERS: