Fitch Affirms Idaho Hsg & Fin Assoc Taxable CP Prog General Oblig Notes at 'F1'
NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms the Idaho Housing and Finance Association's (IHFA) taxable commercial paper program general obligation notes, bank secured series (the notes) at 'F1'.
The rating action is in connection with the (i) increase in the commitment amount of the Revolving Credit Agreement (RCA) provided by Barclays Bank PLC (Barclays; rated 'A/F1', Stable Outlook) supporting the notes to an aggregate principal amount not exceeding $50,000,000 from an aggregate principal amount not exceeding $25,000,000; and (ii) extension of the expiration date of the RCA to May 20, 2016, unless such date is extended or the RCA is earlier terminated.
KEY RATING DRIVERS
The 'F1' rating on the notes is affirmed based on the continued external liquidity support provided by the Barclays RCA and also the internal liquidity support of the IHFA.
The amended RCA, effective Sept. 30, 2015, provides a commitment to cover an aggregate principal amount not exceeding $50,000,000. IHFA is obligated to pay interest due on the maturity of the notes. For information on IHFA's long-term 'A+', Stable Outlook general obligation rating and the underlying short-term 'F1' rating for IHFA, see Fitch's press releases dated June 24, 2014 and May 6, 2015 respectively, available at www.fitchratings.com.
U.S. Bank National Association is replacing Deutsche Bank Trust Company Americas as the Issuing and Paying Agent (IPA) for the notes. Barclays Capital Inc. will continue to serve as dealer for the notes.
RATING SENSITIVITIES
The 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 changes to the short-term rating of the bank and in some cases, the long-term general obligation rating of the IHFA.
Additional information is available at www.fitchratings.com.
Applicable Criteria
Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support (pub. 22 Jan 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=856189
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222
Additional Disclosures
Dodd-Frank Rating Information Disclosure Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=991581
Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=991581
Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150930006518/en/
Fitch Ratings
Primary Analyst:
Kasia Reed, +1-212-908-0500
x5065
Analytical Consultant
Fitch Ratings, Inc.
33
Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Richard
Park, +1-212-908-0289
Director
or
Committee Chairperson:
Mario
Civico, +1-212-908-0796
Senior Director
or
Media
Relations:
Sandro Scenga, +1-212-908-0278
New York
[email protected]
Source: Fitch Ratings
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