Bangkok--21 Apr--Standard & Poor's
Standard & Poor's Ratings Services has assigned its 'AAA' rating to Irvine Ranch Water District Joint Powers Agency, Calif.'s taxable refunding bonds, issue 2, series 2010.
"The rating reflects our view of the agency's investment of bond proceeds with 'AAA' rated Fannie Mae securities," said Standard & Poor's credit analyst Valerie White. At closing, the agency plans to deposit bond proceeds in a trust estate invested with Fannie Mae medium-term notes (MTNs). The MTNs are scheduled to expire on Feb. 15, 2014, and will pay interest at an 8.18% rate. Substitution of the investment security requires a cash-flow certificate reflecting investments remaining in the program and rating confirmation. Any change in the rating on Fannie Mae will affect the rating on the bonds.
There are no optional tenders or redemptions prior to the bond maturity date.
We understand that the series 2010 bond proceeds will be used to refund a portion of Irvine Ranch Water District Joint Powers Agency taxable refunding bonds, issue 2 series 1998 bonds and pay capitalized interest and cost of issuance on the series 2010 bonds.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Review Of Investment Agreements For Municipal Revenue Bond Financings, June 26, 2007
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Valerie White, New York (1) 212-438-2078
Mikiyon Alexander, New York (1) 212-438-2083