Fitch to Affirm CA Statewide CDA Revenue Bonds 'AA-/F1+'.Business Editors NEW YORK--(BUSINESS WIRE)--March 31, 2004 Effective April 1, 2004, 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. will affirm the 'AA-/F1+' rating assigned to the $3,000,000 California Statewide Communities Development Authority's (CDA (1) (Compact Disc Audio) The compact disc file extension that is seen on the computer in Explorer or some other file manager. CDA files are actually pointers to the locations of the individual tracks on the CD medium. See CD-DA. ) weekly adjustable/fixed-rate industrial development revenue bonds, series 1996 A (Flambeau flam·beau n. pl. flam·beaux or flam·beaus 1. A lighted torch. 2. A large ornamental candlestick. Airmold Corporation Project). The bonds were previously rated 'AA-/F1+' based on the support of an irrevocable Letter of Credit Irrevocable letter of credit Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval. (LOC LOC - lines of code ) issued by RBC Centura Bank. On April 1, 2004, the RBC Centura LOC will be replaced by a substitute LOC, (the 'Substitute LOC') provided by LaSalle Bank National Association resulting in the affirmation of 'AA-/F1+'. The Substitute LOC covers the principal amount of bonds currently outstanding $1,950,000 and interest coverage in the amount of $28,208.22, representing 44 days of interest at a maximum assumed interest rate of 12% per annum based on a 365 day year. Interest coverage is calculated on the same basis as the original LOC. The rating on the bonds will expire on the earliest to occur (i) April 1, 2005, the 'Expiration Date' or the date to which it is extended; (ii) the date on which a substitute liquidity facility or an alternate letter of credit issued in substitution for the Substitute LOC becomes effective; or (iii) any prior termination of the Substitute LOC. |
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