Sentences with phrase «rating opinion letter»

The Secretary shall require each project applicant to provide a preliminary rating opinion letter from at least 1 rating agency --

Each project, at the time of its application for assistance, is required to furnish a preliminary rating opinion letter from one of the bond rating agencies identified by the Securities and Exchange Commission as a «Nationally Recognized Statistical Rating Organization,» indicating that the project's senior debt obligations have the potential to achieve an investment - grade bond rating.

Neither the preliminary rating opinion letter nor the credit ratings should reflect the use of bond insurance or other credit enhancement that does not also secure the TIFIA credit instrument.

Following the Bureau's acceptance of the Letter of Interest / Draft Application and receipt of a preliminary rating opinion letter and the Advisors» Fees Upfront Payment, the DOT will request that the potential applicant give an oral presentation to the DOT, followed by a question and answer session.

The DOT will not complete its review of a TIFIA Letter of Interest and make a determination of eligibility until a project sponsor has provided a preliminary rating opinion letter.

The DOT will use the preliminary rating opinion letter for two purposes.

Also, TIFIA administrative charges, such as application fees, transaction fees, loan servicing fees, credit monitoring fees, and the charges associated with obtaining the required preliminary rating opinion letter, will not be considered among the eligible project costs.

Each potential applicant for TIFIA credit assistance must provide a preliminary rating opinion letter from at least one Credit Rating Agency [187] indicating that the project's senior obligations (which may include the TIFIA credit instrument) have the potential to achieve an investment grade rating and providing a preliminary rating opinion on the TIFIA credit instrument and provides rating rationales for both preliminary ratings.

The DOT will not complete its creditworthiness review until the project sponsor has provided all requested information and materials, including, for TIFIA credit assistance, a preliminary rating opinion letter, and, for all forms of credit assistance, the Advisors» Fees Upfront Payment necessary to enable the DOT to engage its outside financial and, as and when necessary, legal advisors.

The DOT will also use the preliminary rating opinion letter to assess the project's overall economic, legal, and financial viability and the default risk on the requested TIFIA instrument and on any senior project obligations.

[188] Before the DOT completes its review of a Letter of Interest and renders a determination of eligibility, the DOT will request that a project sponsor provide this preliminary rating opinion letter.

The preliminary rating opinion letter must address the creditworthiness of both the senior debt obligations funding the project (i.e., those which have a lien senior to that of the TIFIA credit instrument on the pledged security) and the TIFIA credit instrument.

In addition, for projects requesting TIFIA credit assistance, the DOT will also request the preliminary rating opinion letter described in more detail in Section 3 - 6 above.

As described in Chapter 5, the Bureau will not present an application to the Credit Review Team and Council on Credit and Finance until all prerequisite to receipt of credit assistance, such as receipt of a final NEPA determination, receipt of a preliminary rating opinion letter (for TIFIA credit assistance), and satisfaction of the eligibility requirements described in Chapter 3, have been satisfied.

DOT will also request that the applicant provide a preliminary rating opinion letter at this time and the project sponsor will be required to submit a fee to continue the evaluation process.

(3) PRELIMINARY RATING OPINION LETTER. - The Secretary shall require each project applicant to provide a preliminary rating opinion letter from at least 1 rating agency -» (A) indicating that the senior obligations of the project, which may be the Federal credit instrument, have the potential to achieve an investment - grade rating; and» (B) including a preliminary rating opinion on the Federal credit instrument.»

Concurrently with this review, the DOT will ask project sponsors requesting TIFIA credit assistance to provide a preliminary rating opinion letter.

After initial determination of eligibility and receipt of the Advisors» Fees Upfront Payment and, for TIFIA applicants, the preliminary rating opinion letter, and upon request from the DOT, present the project to the review team and advisors, as well as representatives of the Bureau and the DOT Council on Credit and Finance.

After successful determination of eligibility, oral presentation, and receipt of the Advisors» Fees Upfront Payment and, for TIFIA applicants, the preliminary rating opinion letter, notify selected projects that have been invited to submit an application.

The Credit Rating Agencies will be able to answer questions concerning fees, timing of assessments, information requirements, and surveillance practices associated with obtaining preliminary rating opinion letters, credit ratings, periodic rating updates, and credit surveillance reports.

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The Secretary shall consult with the Office of Management and Budget, each rating agency providing such an opinion letter, and any other financial experts the Secretary deems necessary, in order to determine the credit instrument's appropriate subsidy cost (capital reserve) pursuant to the Federal Credit Reform Act of 1990.