Fitch Ratings affirms the 'F1+' rating assigned to the
Sunshine State Governmental Financing Commission, tax-exempt
commercial paper revenue notes (Governmental Financing Program),
series A. The affirmation is in connection with the issuance of an
additional $2,055,000 of taxable series A notes and $7,945,000
tax-exempt series A notes on May 19, 2006.
The proceeds of the taxable series A notes will be loaned to the City of St Petersburg, FL (the City) by the Sunshine State Governmental Financing Commission pursuant to a loan agreement between the Commission and the City to be used to repay a Section 108 HUD loan. The proceeds of the tax-exempt series A notes will be loaned to the City by the Commission pursuant to a second loan agreement for construction and improvements to the Bayfront Center/Mahaffey Theater Project, improvements to the City Marina project, and to repay second Section 108 HUD loan. Repayment of the loans by the Commission to the City are insured by two financial guaranty insurance policies provided by CIFG Assurance North America, Inc.
The 'F1+' rating on the series A notes continues to be based on the support of The Bank of Nova Scotia Commercial Paper Purchase Agreement and the insurance policies issued by any one of the following Insurers: Ambac Assurance Corporation, Financial Guaranty Insurance Corporation, or CIFG Assurance North America, Inc. The rating will expire on the earlier of Sept. 1, 2006, the current expiration date of the Commercial Paper Purchase Agreement, unless such date is further extended, or upon any prior termination of this agreement.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
The proceeds of the taxable series A notes will be loaned to the City of St Petersburg, FL (the City) by the Sunshine State Governmental Financing Commission pursuant to a loan agreement between the Commission and the City to be used to repay a Section 108 HUD loan. The proceeds of the tax-exempt series A notes will be loaned to the City by the Commission pursuant to a second loan agreement for construction and improvements to the Bayfront Center/Mahaffey Theater Project, improvements to the City Marina project, and to repay second Section 108 HUD loan. Repayment of the loans by the Commission to the City are insured by two financial guaranty insurance policies provided by CIFG Assurance North America, Inc.
The 'F1+' rating on the series A notes continues to be based on the support of The Bank of Nova Scotia Commercial Paper Purchase Agreement and the insurance policies issued by any one of the following Insurers: Ambac Assurance Corporation, Financial Guaranty Insurance Corporation, or CIFG Assurance North America, Inc. The rating will expire on the earlier of Sept. 1, 2006, the current expiration date of the Commercial Paper Purchase Agreement, unless such date is further extended, or upon any prior termination of this agreement.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.