MOODY'S UPGRADES TO A1 FROM A2 THE RATING ON THE CITY OF ST. PAUL HOUSING AND REDEVELOPMENT AUTHORITY'S (MN) PARKING REVENUE DEBT

Posted on: June 23, 2010, 1:34 pm

NEW YORK, Jun 23, 2010 -- Moody's Investors Service has upgraded to A1 from A2 the rating on the City of St. Paul Housing and Redevelopment Authority's (MN) outstanding parking revenue debt. Concurrently, we have assigned an A1 rating to the authority's $24.4 million Parking Revenue Refunding Bonds (Parking Facilities Project), Series 2010A, and $12.5 million Parking Revenue Refunding Bonds (Smith Avenue Project), Series 2010B. Post-sale, the authority will have $37.0 million of outstanding debt (represented by the current issues) secured by the pledged revenues (as described below). Proceeds of the current bonds will refund all of the authority's outstanding parking revenue debt other than that which is secured in part by tax increment revenues and city lease payments. The Series 2010A and 2010B bonds will refund six series of outstanding debt: the Parking Revenue Bonds (Smith Avenue Transit Center), Series 2005; the Parking Revenue Refunding Bonds, Series 2005A; the Parking Revenue Bonds (Block 19 Ramp), Series 2002A and 2002B; the Parking Revenue Refunding Bonds (River Centre Exhibit Hall Parking Ramp), Series 2001A; and the Exhibit Hall Parking Ramp Subordinated Revenue Notes, Series 1995. The current refunding is being conducted in order to restructure the debt (by extending maturities) in order to provide for level debt service and debt service coverage throughout the life of the bonds. Debt service on the bonds is secured by the net revenues of specific parking facilities of the authority's parking enterprise, as well as a first claim on the city's parking meter revenues and parking fine revenues up to a specific amount. Assignment of the A1 rating reflects the system's stable service base that is supported by the relatively sound Twin Cities economy; a satisfactory trend of debt service coverage that is expected to continue or improve under conservative revenue projections; strengthened legal covenants; and a manageable level of slowly retired debt...

Login to your account

Email address:
Password:

Become a member

Register for a MunicipalBonds.com account to get access to a whole new way of tracking, analyzing, and researching bonds.

   Keep track of bonds you own
   Get ratings from S&P for all rated municipal bonds
   View issue history reports
   Access our price archives
...And much more

Register now »

We are providing certain data supplied to us by the Municipal Securities Rulemaking Board ("the Service") without warranties or representations and on an "as-is" basis. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. You shall bear all risk, related costs and liability and be responsible for your use of the Service.

The transaction data provided through the Real-Time Transaction Subscription Service represents municipal securities transaction data made available by brokers, dealers, and municipal securities dealers to the MSRB and related information. Such transaction data and/or related information may not exist for all municipal securities and may not be required to be submitted to the MSRB for certain types of municipal securities transactions. The MSRB does not review transaction data submitted by submitters for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any such transaction data and/or related information.

The MSRB, its officers, directors, employees, agents, consultants, and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside of their control, including the Internet: (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental, or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service.

The MSRB and its officers, directors, employees, agents, consultants, and licensors shall have no liability in tort, contract, or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the Service. The MSRB, its officers, directors, employees, agents, consultants, and licensors make, and have made, no recommendations regarding any of the securities or other investment vehicles, referred to or described in the Service.

The Service is reproduced by permission of the MSRB under a non-exclusive license. The MSRB accepts no responsibility for the accuracy of the reproduction of the Service or that Service is current.