The ratings of the class A-1L, A-1 and A-2L notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date.
This will trigger an event of default which gives the controlling party, currently the A-1
noteholders, the option to accelerate the maturity of the transaction.
43,500,000 revenue refunding bonds, senior 2001 series A-1
The ratings on the class A-1
, class A-2, class BFL, and class BFX notes address the timely payment of interest and ultimate repayment of principal.
On May 10, 2005, the original LOCs will be substituted with LOCs (Substitute LOCs) provided by: Fleet National Bank, a Bank of America Company, with respect to the series A-1
bonds; and DEPFA BANK plc, New York Branch, with respect to the series A-2 and A-3 bonds.
The ratings of the classes A-1
, A-2, and B notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date.