New york department of finance



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Description: Fitch Ratings has downgraded the short-term rating to 'F1' from 'F1+' assigned to the $206,000,000 Department of Water and Power of the City of Los An

NEW YORK--( BUSINESS WIRE )--Fitch Ratings has downgraded the short-term rating to 'F1' from 'F1+' assigned to the $206,000,000 Department of Water and Power of the City of Los Angeles (LADWP), CA, power system variable rate demand revenue bonds, 2001 series B, consisting of:

The short-term rating action was in connection with: (i) the substitution of the liquidity support provided by Royal Bank of Canada (rated 'AA/F1+', Stable Outlook) in the form of a Standby Bond Purchase Agreement (SBPA), with a substitute SBPA issued by Barclays Bank PLC (rated 'A/F1', Stable Outlook); and (ii) the mandatory tender of the bonds, which occurred on Feb. 4, 2016.

The short-term 'F1' rating is based on the liquidity support provided by Barclay Bank PLC, in the form of a substitute SBPA, which has a stated expiration date of Feb. 1, 2019, unless extended or earlier terminated, during the daily and weekly interest rate modes only. The long-term rating continues to be based on the rating assigned to the LADWP's power revenue bonds. The Rating Outlook is Stable for the long-term rating. For more information on the long-term rating, see the press release dated Aug. 28, 2015, available on Fitch's website at 'www.fitchratings.com '.

The substitute SBPA provides for the payment of the principal component of purchase price plus an amount equal to 34 days of interest calculated at a maximum rate of 12%, based on a year of 365 days for tendered bonds during the daily and weekly rate modes in the event that the proceeds of a remarketing of the bonds are insufficient to pay the purchase price following an optional or mandatory tender. The substitute SBPA expires on Feb. 1, 2019, the stated expiration date, unless such date is extended; upon conversion to a mode other than daily or weekly; or upon the occurrence of certain events of default which result in a mandatory tender or other events of default related to the credit of the bonds which result in an automatic and immediate termination. A mandatory tender of the bonds occurred on Feb. 4, 2016, the SBPA substitution date. The remarketing agents RBC Capital Markets for the Subseries B-1 bonds and Wells Fargo Bank, National Association for the Subseries B-3 bonds.

The short-term rating reflects the short-term rating that Fitch maintains on the bank providing liquidity support, and will be adjusted upward or downward in conjunction with the short-term rating of the bank and, in some cases, the long-term rating of the bonds. The long-term rating is exclusively tied to the creditworthiness of the bonds and will reflect all changes to that rating.

Rating Criteria for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support (pub. 28 Jan 2016)






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