Summary: Austin, Texas; Letter of Credit - S&P Global Ratings’ Credit Research

Summary: Austin, Texas; Letter of Credit

Summary: Austin, Texas; Letter of Credit - S&P Global Ratings’ Credit Research
Summary: Austin, Texas; Letter of Credit
Published Sep 25, 2014
Published Sep 25, 2014
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Standard&Poor Ratings Services assigned its 'A-1' short-term rating to Austin, Texas' series A combined utility systems commercial paper (tax-exempt CP) notes and combined utility systems taxable (taxable) CP notes. The ratings are based on the short-term issuer credit rating (ICR) on the providers of the two irrevocable letters of credit (LOCs) supporting the notes. The LOC provided by Bank of Tokyo-Mitsubshi UFJ, Ltd. ('A-1') will support only the tax-exempt CP notes and may be drawn on for $435.5 million, while the LOC provided by Citibank N.A. ('A-1') will support only the taxable CP notes and may be drawn on for $53.7 million. The LOCs cover all principal and 270 days of interest on maturing CP at the maximum

  
Report Type:

Summary

Issuer
Sector
Global Issuers, Public Finance, Structured Finance
Country
Region
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Austin, Texas; Letter of Credit" Sep 25, 2014. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Austin-Texas-Letter-of-Credit-1361218>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Austin, Texas; Letter of Credit Sep 25, 2014. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Austin-Texas-Letter-of-Credit-1361218>
  
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