Fitch Downgrades 22 Commerzbank Supported Issues.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 1, 2000 Following its downgrade of Commerzbank's long-term rating to `A+' from `AA-' and short-term rating to `F1' from `F1+', Fitch, the international rating agency, downgrades 22 issues supported by Commerzbank letters-of-credit or liquidity facilities. The affected bonds are listed below. For additional information, see Fitch's press release dated July 26, 2000. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. -- California, State of (CA) CP notes (liquidity facility: Morgan Guaranty Trust Co., Bayerische Landesbank Girozentrale, Landesbank Hessen-Thuringen Girozentrale, & Westdeutsche Landesbank Girozentrale) to `F1' from `F1+'. -- Chicago (IL) (Chicago O'Hare International airport O'Hare International Airport is an airport located in Chicago, Illinois, United States, 17 miles (27 km) northwest of the Chicago Loop. It is the largest hub of United Airlines (whose headquarters is in downtown Chicago) and the second-largest hub of American Airlines (after ) CP notes ser B (LOC LOC - lines of code : Commerzbank Aktiengesellschaft) to `F1' from `F1+'. -- Chicago (IL) (Chicago O'Hare International airport) CP notes ser A (LOC: Commerzbank Aktiengesellschaft) to `F1' from `F1+'. -- Chicago (IL) (Chicago O'Hare International airport) CP notes (taxable) ser C (LOC: Commerzbank Aktiengesellschaft) to `F1' from `F1+'. -- Connecticut, State of (CT) 2nd lien special tax oblig bonds transp infrastructure purposes ser 1 (LOC: Commerzbank Aktiengesellschaft) to `A+/F1' from `AA-/F1+'. -- First Albany Corp. (NY) FAC FAC - Functional Array Calculator. An APL-like language, but purely functional and lazy. It allows infinite arrays. ["FAC: A Functional APL Language", H.-C. Tu and A.J. Perlis, IEEE Trans Soft Eng 3(1):36-45 (Jan 1986)]. muni muni See municipal bond. trust fltg-rate ctfs ser 1999-1 (liquidity facility: Commerzbank AG, NY) to `AAA/F1' from `AAA/F1+'. -- Kentucky Asset/Liability Commission (KY) proj notes, 1998 agency fund series (LOC: Commerzbank AG, NY) to `A+/F1' from `AA-/F1+'. -- Lehman Brothers Holdings Inc. (NY) fltg-rate trust receipts ser 1999 FR-A16 (liquidity facility: Commerzbank Aktiengesellschaft, NY) (insured: MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association ) to `AAA/F1' from `AAA/F1+'. -- Lehman Brothers Holdings Inc. (NY) fltg-rate trust receipts ser 1999 FR-A17 (liquidity facility: Commerzbank Aktiengesellschaft, NY) (insured: Harbor Department of the City) to `AA/F1' from `AA/F1+'. -- Lehman Brothers Holdings Inc. (NY) fltg-rate trust receipts ser 1999 FR-A24 (liquidity facility: Commerzbank Aktiengesellschaft) (insured: MBIA) to `AAA/F1' from `AAA/F1+'. -- Lehman Brothers Holdings Inc. (NY) fltg-rate trust receipts ser 1999 FR-A25 (liquidity facility: Commerzbank Aktiengesellschaft) to `F1' from `F1+'. -- Los Angeles Unified School District The Los Angeles Unified School District (the "LAUSD") is the largest (in terms of number of students) public school system in California and the second-largest in the United States. Only the New York City Department of Education has a larger student population. (CA) (Belmont Learning Complex) COPs ser 1997A (LOC: Commerzbank Aktiengesellschaft) to `A+/F1' from `AA-/F1+'. -- Massachusetts Water Resources Authority The Massachusetts Water Resources Authority (MWRA) is a public authority in the Commonwealth of Massachusetts that provides wholesale drinking water and sewage services to certain municipalities and industrial users in the state, primarily in the Boston area. (MA) multi-modal sub gen rev bonds ser 1999A (insured: Ambac) (liquidity facility: Commerzbank AG New York, Credit Locale de France & The Bank of Nova Scotia) to `AAA/F1' from `AAA/F1+'. -- Massachusetts, Commonwealth of (MA) GO rfdg var-rate demand bonds ser 1998A (liquidity facility: Commerzbank Aktiengesellschaft, NY) to `A+/F1' from `AA-/F1+'. -- New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. (NY) adj-rate GO bonds ser fiscal 1996 & J-2 (LOC: Commerzbank AG New York) to `A+/F1' from `AA-/F1+'. -- New York City Health & Hospitals Corp. (NY) health sys bonds ser 1997F (LOC: Commerzbank, AG of New York) to `A+/F1' from `AA-/F1+'. -- Oakland Joint Powers Financing Authority (CA) lease rev bonds 1998 ser A-1 & A-2 (insured: FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ) (liquidity facility: Commerzbank Aktiengesellschaft) to `AAA/F1' from `AAA/F1+'. -- Philadelphia (PA) wtr & wastewtr rev bonds ser 1997B (insured: AMBAC) (liquidity facility: Commerzbank Aktiengesellschaft) to `AAA/F1' from `AAA/F1+'. -- Port of Oakland The Port of Oakland was the first major port on the Pacific Coast of the United States to build terminals for container ships. It is now the fourth busiest container port in the United States; behind Long Beach, Los Angeles, and Newark. (CA) CP notes ser A & B (LOC: Commerzbank AG, Los Angeles & Bank of Nova Scotia, NY) to `F1' from `F1+'. -- Port of Oakland (CA) CP notes ser C (LOC: Commerzbank AG, Los Angeles & Bank of Nova Scotia, NY) to `F1' from `F1+'. -- Port of Seattle The Port of Seattle is a port district that runs Seattle's seaport and airport. Its creation was approved by the voters of King County, Washington, on September 5, 1911. It is run by a five-member commission. The commissioners' terms run four years. (WA) sub lien rev bonds (AMT See vPro. ) ser 1999B (LOC: Commerzbank Aktiengesellschaft) to `A+/F1' from `AA-/F1+'. -- Port of Seattle (WA) sub lien rev bonds (non-AMT) ser 1999A (LOC: Commerzbank Aktiengesellschaft) to `A+/F1' from `AA-/F1+'. |
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