Fitch Confirms Pasadena Public Financing Authority's 2006 Rose Bowl VRDBs at 'A+/F1+'.

NEW YORK -- Fitch Ratings has confirmed the 'A+/F1+' rating assigned to the Pasadena Public Financing Authority's $47,300,000 (current outstanding amount $43,000,000) variable-rate demand lease revenue bonds (Rose Bowl Refinancing and Improvement Projects), series 2006.

On the effective date of Feb. 13, 2009, the rating will be based on a substitute irrevocable direct-pay letter of credit (LOC) issued by Bank of America, N. A., which will replace Citibank, N.A. as the provider of the LOC supporting the bonds. Merrill Lynch, Pierce, Fenner & Smith Incorporated will continue as remarketing agent for the bonds.

The rating will expire upon the earliest of: Feb. 11, 2011, the stated expiration date of the substitute LOC, unless such date is extended, any prior termination of the substitute LOC, or defeasance of the bonds.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.