Fitch Downgrades Three Wachovia Supported Issues.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 2, 2000 Following its downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of Wachovia For Moravian settlements in North Carolina, see . Wachovia Corporation (NYSE: WB), based in Charlotte, North Carolina, is the third largest banking chain in the United States based on total deposits. Bank's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. non-deposit rating to `AA-' from `AA', Fitch fitch: see polecat. , the international rating agency, downgrades 3 issues supported by Wachovia Bank letters of credit. The affected bonds are listed below. For additional information, see Fitch's press release dated Oct. 31, 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 New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 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. -- Halifax County Industrial Development Authority (Va.) (O'Sullivan Industries-Virginia, Inc. Proj) industrial devel rev rfdg bonds ser 1998 (LOC: Wachovia Bank, N.A.), `AA-/F1+' (from `AA/F1+'); -- Norfolk Industrial Development Authority (Va.) (Children's Hospital of the King's Daughters, Inc. Proj) health facils rev & rfdg bonds ser 1999 (LOC: Wachovia Bank, N.A.), `AA- /F1+' (from `AA/F1+'); -- Tampa (Fla.) (Tampa Preparatory School, Inc. Proj) var-rate demand rev bonds ser 2000 (LOC: Wachovia Bank, N.A.), `AA- /F1+' (from `AA/F1+'). |
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