Bank of America letter of credit buoys seaport financial rating
Written by Miami Today on August 15, 2017
Fitch Ratings last week assigned a rating of ‘F1’ to $200 million in new Miami-Dade County Seaport commercial paper notes in two series, one taxable and the other non-taxable.
The ratings agency explained that the rating is based on the support provided by an irrevocable direct-pay letter of credit issued by Bank of America, which has a stated expiration date of Aug. 15, 2020, and covers the principal and interest due on the note. The letter of credit provides enough coverage for the principal of the notes and 12% interest for 270 days…To read the full story click here