The long-term 'AAA' rating on Philadelphia Authority for Industrial Development, Pa.'s special facilities revenue bonds, issued on behalf of the Marketplace Redwood LP project at the Philadelphia International Airport, is based on a bond insurance policy provided by AMBAC. The short-term 'A-1+' rating is based on a liquidity facility in the form of a standby bond purchase agreement (SBPA) provided by Landesbank-Wurttemberg. The SBPA will expire on Nov. 29, 2002 unless extended or earlier terminated pursuant to its terms. The SBPA, which provides 35 days' interest at a maximum rate of 15%, will be available to pay purchase price of tendered bonds. The bonds will initially be offered at a weekly rate but thereafter may be converted a fixed rate.
