PubFinCriteria_2006_part1_final1.qxp
Education And Non-Traditional Not-For-Profits 200 Standard & Poor’s Public Finance Criteria 2007 T he substantial number of ...
converted to taxable, or proprietary corporations. Typically, any tax-exempt debt would be refunded at that point. Management an ...
and provides a measure of an entity’s ability to fund operations if operating revenues decrease. Different organizations require ...
Cultural Institutions While the rated universe of cultural organizations largely consists of museums, the rating approach is sim ...
Association of American Medical Colleges is the accrediting body for the majority of the nation’s medical schools and the only s ...
paramount importance. Standard & Poor’s requests at least five years of historical financial data and asks for portfolio and ...
operating revenue. While research funding has become increasingly competitive, and there is potential for continued changes in r ...
S tructured municipal financings are an integral part of the municipal debt market. Structured debt includes conventional transa ...
Municipal Structured Finance 208 Standard & Poor’s Public Finance Criteria 2007 A bond transaction backed by a letter of cre ...
able preference in the event of filing of a petition under the U.S. Bankruptcy Code with respect to the issuer, the borrower, an ...
Municipal Structured Finance 210 Standard & Poor’s Public Finance Criteria 2007 VII. Miscellaneous I. Preference-proofed mon ...
bonds. To affirm their intent to retain the bonds, bondholders should acknowledge in writing their understanding of the rating c ...
nonreinstatement of interest coverage at the latest possible date under the terms of the LOC. The trustee then accelerates the i ...
involves an examination of details such as who receives the tender notices and who pays the pur- chase price to tendering bondho ...
issuer, and they should mature at such times and in such amounts as will be sufficient to cover the full and timely payment of a ...
LOC Substitution In the event of an LOC substitution, Standard & Poor’s must again review the transaction in order to mainta ...
LOC could be terminated without any change to the rating of the bonds. Single-draw confirmation Some confirmation LOCs have no t ...
issuing CP notes. In addition, the depositary is instructed to: ■Draw on the LOC for the entire amount of out- standing CP notes ...
Joint Probability Of Default Calculation The joint probability of default (PD) is calculated as follows: For the rating on each ...
Default correlations of 25%, 20%, or 15% are explicitly assumed based on the obligors’ character- istics, as shown in Table 2. T ...
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