Effective Oct. 26, 2009, Fitch Ratings will confirm the 'F1+' rating assigned to the Metropolitan Washington Airports Authority, Airport System Commercial Paper Notes Two, consisting of:
--Subseries A-1 (Private Activity non -AMT);
--Subseries A-2 (AMT);
--Subseries B-1 (non-AMT);
--Subseries B-2 (non-AMT);
--Subseries C (Taxable).
The rating action is in connection with the amendment of the $200,000,000 irrevocable, direct-pay letter of credit (LOC) provided severally by WestLB and Landesbank Baden Wurttemberg acting through its New York Branch (LBBW) which currently supports the CP Two Notes. The amendment to the LOC, which will become effective Oct. 26, 2009, does the following: (i) eliminates WestLB as a party to the LOC effective Oct. 26, 2009; (ii) continues LBBW's commitment under the CP Two LOC at $125,000,000, through Jan. 12, 2015, the stated expiration date of the LOC and (iii) reduces the Maximum Stated Amount of the LOC to $133,321,918 ; $125,000,000 principal and $8,321,918 interest coverage on the effective date of Oct. 26, 2009. The LOC which supports the Commercial Paper notes was issued in January 2005, prior to the abolition of the LBBW state guarantees, and is rated 'F1+' based on the guarantee. Obligations entered into prior to July 18, 2001 and those entered into between July 19, 2001 and July 18, 2005 and maturing before the end of 2015 continue to be rated based upon the state guarantees.
Additional information is available at 'www.fitchratings.com'.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Contacts:
Fitch Ratings, New York
Linda Friedman, 212-908-0727
(information
on the series 2002 bonds)
Vanessa Roy, 212-908-0508
(Metropolitan
Washington Airports Authority)
or
Media Relations:
Cindy
Stoller, 212-908-0526
Email: cindy.stoller@fitchratings.com
