LONG-TERM A2 ASSIGNED TO CITIZENS PROPERTY INSURANCE CORPORATION (CPIC) HRA SENIOR SECURED BONDS, SERIES 2010 APPLIES TO NEWLY ADDED SUB-SERIES

Posted on: March 5, 2010, 5:30 pm

NEW YORK, Mar 5, 2010 -- Moody's Investors Service on February 17, 2010 assigned a long-term rating of A2 to the upcoming sale of Citizens Property Insurance Corporation (CPIC or Citizens) Bonds and a MIG 1 rating to the potential issuance of notes. It was noted that the transaction was likely to be in a total par amount of up to $2 billion, and may include any or all of the following: Senior Secured Bonds, Series 2010A-1, Senior Secured Bonds, Series 2010A-2 (Short-Term Notes), and Series 2010A-3 (SIFMA Floating Rate Notes). We assigned a long-term rating of A2 to the Senior Secured Bonds and Variable Rate Senior Secured Bonds, and a rating of MIG 1 to the Short-Term Notes. Since then, CPIC has added an additional sub-series to the transaction, the Series 2010A-4 Federally Taxable (LIBOR Floating Rate Notes). The par amounts of the other three sub-series have all been adjusted down slightly and the overall total amount is still approximately $2 billion. The A2 long-term rating that was applied to the Series 2010 bonds applies to the new sub-series as well. For more information on CPIC or the bonds, please read our report dated February 17, 2010...

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.