Letter of Credit Forum

Inside Higher Ed
As federal loan forgiveness jumps, Education Department may require more risky colleges to post letters of credit
Inside Higher Ed
The most frequent reason that colleges were required to post a letter of credit is because they earned a failing score on the Education Department's financial responsibility test. Colleges, especially nonprofit institutions, have long complained that ...

India Ratings for Indian debt instruments - Mar 18
Reuters
... LOC-Letter of Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) - Non-Convertible Debenture-(Structured Obligation); ...

and more »

Zambia allows oil marketing firms to import fuel
Shanghai Daily (subscription)
Local media have reported that the shortage is due to government's failure to secure a letter of credit for crude oil importation after the signing of a new supply contract with Independent Petroleum Group of Kuwait, following the termination of an ...

and more »

Moody's Assigns A2 Und. and Aa1 Enh. to Hartland Consolidated Schools, MI's 2016 GO Ref. Bonds; Outlook NEG
Moodys.com (press release) (subscription)
The principal methodology used in the enhanced rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in December 2015. Please see the Ratings Methodologies page ...

and more »

Moody's downgrades Sandy Creek to B2 from Ba3; rating outlook remains negative
Moodys.com (press release) (subscription)
$925.6 million outstanding at 12/31/15), a $102 million letter of credit facility due 2020 to backstop Tax-Exempt Variable Rate Notes, and a $75 million working capital facility due 2020. SCEA owns 64% of the Sandy Creek Energy Station, a 945 MW single ...

Moody's assigns Aa1 enhanced (SBQLP) to Bloomingdale Public School No. 16, MI's 2016 Series A&B GO Bonds
Moodys.com (press release) (subscription)
The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in December 2015. Please see the Ratings Methodologies page on ...

and more »

Fitch Rates BayCare Health System (Fla.) 2016A Revs 'AA'; Outstanding Affirmed; Outlook Stable
Business Wire (press release)
The remaining variable rate debt is composed of various debt modes, including letter of credit backed variable rate demand bonds (VRDBs), Window VRDBs, a direct bank placement, and a small amount of auction rate debt. BayCare's pro forma debt burden ...

and more »

50 Years Ago in Hockey: Habs Crush Leafs; Gamble Hurt
The Hockey Writers
At that time they must present a letter of credit, irrevocable, in the amount of $500,000. They then will make a presentation in the same way the other five successful candidates did in February. The governors will then have to approve the group's ...

The News Journal
Sussex intervenes to pave Summercrest
The News Journal
Chip Guy, a county spokesman, said the letter of credit the council voted to tap was issued by M&T Bank on behalf on Anderson Homes, the original developer. Deaver said Tuesday she was "glad to make the motion" to use a line of credit to finish the work.

CRISIL ratings for Indian debt instruments-Mar 17
Reuters
... Packing CRISIL A4+ 20 Suspended Credit KRIBHCO Shyam Fertilizers Ltd BG^^ CRISIL A1+ 1500 Reaffirmed ^^ Interchangeable with Standby Letter of Credit and backed by Letter of Comfort from KRIBHCO KRIBHCO Shyam Fertilizers Ltd LOC**~ CRISIL ...

and more »

Glostershire community: Public versus private
Sealy News
The developer, John Couch, said his company already has a letter of credit in place for $150,000 based upon a $500,000 spend. Kalkomey and Reichardt said that wouldn't cover road costs in case of the developer's failed commitment to complete the project.

Moody's upgrades to Baa1 enh. ratings on various tax credit funds gtd by Merrill Lynch Cap Services, Inc.
Moodys.com (press release) (subscription)
The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in December 2015. Please see the Ratings Methodologies page on ...

and more »

Moody's Assigns Aaa enhanced to Argyle ISD, TX's $4.5M in Unlimited Tax Refunding Bonds, Ser. 2016
Moodys.com (press release) (subscription)
The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in December 2015. Please see the Ratings Methodologies page on ...

The Exponent Telegram (press release) (registration)
Benedum Airport Authority gets more support to lure major airline to Bridgeport
The Exponent Telegram (press release) (registration)
The pledges would be used to secure a letter of credit for up to $2 million, authority President Ron Watson said. No money would be requested until an airline has been secured and there is a documented need to draw down funds. The pledges would sunset ...

and more »

Fitch Rates Blueridge Transportation Group's (TX) Private Activity Bonds and TIFIA Loan 'BBB-(EXP)'
Business Wire (press release)
... and Shikun & Binui America with joint and several parent company guarantees from Dragados, S.A. and Shikun and Binui Ltd. Additional security package features including payment and performance bonds, a 6% letter of credit, a liability cap of 40 ...

and more »

Fitch Affirms New England Institute of Technology's (RI) Revs at 'A+'; Outlook Stable
Business Wire (press release)
Inclusive of the 2015 bonds, NEIT's current long-term debt portfolio totals $110.2 million of which 11% are variable rate demand bonds supported by a TD Bank letter of credit, 34% are traditional fixed rate bonds and 55% are bank placed fixed rate bonds.

and more »

Fitch to Downgrade IL Finance Authority Adj-Rate Demand Revs (Chicago Symphony Orchestra) Ser 08
Business Wire (press release)
The rating action is in connection with (i) the substitution of the irrevocable direct-pay letter of credit (LOC) currently provided by U.S. Bank, National Association (rated 'AA/F1+', Stable Outlook) with a letter of credit (LOC) to be issued by PNC ...

and more »

BRIEF-Zhone technologies files for non-timely 10-k - sec filing
Reuters
... about $2 million for fy 2015 versus net loss of about $4.1 million for fy 2014. * Needs additional time to finalize amendment to revolving line of credit and letter of credit facility with wells fargo bank Source text : 1.usa.gov/1M86Qi3 Further ...

Fitch Rates MTA's Dedicated Tax Fund Bank Bonds 'AA'; Outlook Stable
Business Wire (press release)
The ratings have been assigned in conjunction with the expected substitution, on March 23, 2016, of the series' existing letter of credit with a substitute letter of credit with the Bank of Tokyo-Mitsubishi UFJ, Ltd., acting through its New York Branch ...
Fitch Affirms New England Institute of Technology's (RI) Revs at 'A+'; Outlook StableDigital Journal

all 22 news articles »

Crain's Detroit Business (blog)
New Michigan underground storage tank fund helps owners comply with release requirements
Crain's Detroit Business (blog)
... used private liability insurance, which could be expensive and difficult to get. Other ways an owner or operator could meet financial assurance requirements is through self-insurance, establishment of a surety bond or letter of credit or corporate ...