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FOOTHILL/EASTERN TRANSPORTATION CORRIDOR AGENCY $78.6 MILLION TOLL REVENUES 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 20 /PRNewswire/ -- Foothill/Eastern Transportation Corridor Agency (Orange County, Calif.)'s $78.6 million toll road revenue bonds series 1993 are rated "AAA/F-1+" by Fitch, it was announced today. The rating is based on the irrevocable direct-pay letter of credit issued by Morgan Guaranty Trust Co. of New York sufficient to pay principal and 53 days' interest at a maximum rate of 12 percent. The rating addresses all interest rate modes except the fixed-rate mode.
 Principal and accrued interest will be paid at maturity, optional or mandatory redemption or acceleration with draws on the letter of credit, unless the bonds are converted to a fixed rate. The letter of credit will expire on Dec. 31, 1997 unless earlier terminated or extended. The bonds are due on July 1, 2023 and are subject to optional and mandatory redemption and tender prior to maturity.
 -0- 7/20/93
 /CONTACT: Rita Duggan of Fitch, 212-908-0628/


CO: Foothill/Eastern Transportation Corridor Agency ST: California IN: TRN SU: RTG

TS -- NY096 -- 3496 07/20/93 15:18 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:177
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