Fitch Ratings assigns 'F1+' rating to LIPA electric system notes.
New York: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, has assigned a 'F1+' rating to the $200,000,000 Long Island Power Authority (LIPA) electric system general revenue notes series 2015 GR-4 notes, consisting of: GR-4A (Federally Taxable) and GR-4B (Tax-exempt) notes.
It assigns a 'F1' rating to the $100,0000,000 series 2015 GR-5 notes consisting of: GR-5A (Federally Taxable) and GR-5B (Tax-exempt) notes and to the $100,0000,000 series 2015 GR-6 notes consisting of: GR-6A (Federally Taxable) and GR-6B (Tax-exempt) notes.
The 'F1' rating assigned to the GR-6 notes is based on the support provided by a LOC issued by Barclays Bank PLC. (Barclays, rated A/F1 with the long-term A rating on Rating Watch Positive). Each LOC provides coverage for the principal amount of the notes and interest due on the notes. The 'F1+' rating assigned to the GR-4 notes is based on the support provided by an irrevocable direct-pay letter of credit (LOC) issued by Royal Bank of Canada (RBC, rated AA/F1+/Stable). The 'F1' rating assigned to the GR-5 notes is based on the support provided by a LOC issued by Citibank, N.A. (Citi, rated A+/F1/Stable).
The RBC LOC supporting the GR-4 notes will expire on the earlier of March 12, 2021, the stated expiration date of the RBC LOC, unless otherwise extended or upon any prior termination of the RBC LOC. The Citi LOC supporting the GR-5 notes will expire on the earlier of March 12, 2021, the stated expiration date of the Citi LOC, unless otherwise extended or upon any prior termination of the Citi LOC. The Barclays LOC supporting the GR-6 notes will expire on the earlier of March 14, 2022, the stated expiration date of the Barclays LOC, unless otherwise extended or upon any prior termination of the Barclays LOC.
![]() ![]() ![]() ![]() | |
Publication: | Daily the Pak Banker (Lahore, Pakistan) |
---|---|
Date: | Jun 7, 2018 |
Words: | 315 |
Previous Article: | Fitch Ratings assigns ratings to Discover Card Execution Note Trust class A. |
Next Article: | Fitch Ratings affirms rating of 'F1+' assigned to LIPA notes. |
Topics: |