Fitch Downgrades $4.15MM Michigan Strategic Fund VRD Revs Series 1999.Business Editors NEW YORK--(BUSINESS WIRE)--May 29, 2003 The rating assigned to the $4,150,000 Michigan Strategic Fund, variable-rate demand limited obligation revenue bonds, (B & C Leasing L.L.C. Project), series 1999 will be downgraded to 'AA-/F1+' from 'AA/F1+' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . The series 1999 bonds were issued in 1999 and was rated based on the support of an irrevocable, direct pay Letter of Credit (LOC LOC - lines of code ) issued by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A. (formerly known as Bank of America National Trust and Savings Association National Trust and Savings Association, abbreviated NT&SA, is a designation used by national banks in the United States to denote their national charter. It is significantly less popular than the standard designation National Association (N.A.). ). Effective May 29, 2003, this LOC has been replaced by a substitute LOC provided by LaSalle Bank, National Association, thereby resulting in the downgrade to 'AA-/F1+'. The rating on the bonds will expire on the earliest to occur of: June 15, 2004, the stated expiration date of the substitute LOC; upon any prior termination of the substitute LOC; or upon defeasance of the bonds. |
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