2, 2010, the stated expiration date of the substitute LOCs
, unless such date is extended, or any prior termination of the LOCs
The above long-term 'AAA' rating is based on Fitch's methodology that considers the joint probability of the failure of both a municipal issuer and a bank LOC
200 million series F-2 rated 'A+/F1+', based on the LOC
severally provided by JPMorgan Chase Bank, National Association (JPM), and Societe Generale;
175,000,000 series 2005A2 bonds rated 'AA/F1+' based on the LOC
provided by Calyon, New York branch;
provide coverage for the full principal amount of the notes plus interest equal to 270 days, calculated at a maximum rate of 12% based on a 365-day year.
as the provider of the LOCs
supporting the bonds for all of the series except for the series 2002A bonds.
20, 2009, the stated expiration date of the LOCs
unless such date is extended; any prior termination of the LOCs
; and defeasance of the bonds.
are ready to make their mark in diverse areas such as high-throughput screening of drug candidates, point-of-care testing, and bioinformatics among several other possibilities.
The ratings will expire on the earliest of: (a) June 15, 2009, the stated expiration date of the LOCs
unless such date is extended; (b) any prior termination of the LOCs
; and (c) defeasance of the bonds.
The long-term ratings are based jointly on the City (currently rated 'A+' by Fitch) and irrevocable standby letters of credit (LOCs
), and the short-term ratings are based solely on the LOCs
, all as follows: