Fitch to Upgrade California Statewide CSCDA IRBs, Series 1996 A to 'AA/F1+'.

NEW YORK -- Fitch Ratings, effective May 31, 2005, expects to upgrade the rating assigned to the $3,000,000 California Statewide Communities Development Authority's (CSCDA) weekly adjustable/fixed-rate industrial development revenue bonds, series 1996 A (Flambeau Airmold Corporation Project), from 'AA-/F1+' to 'AA/F1+'. The bonds were previously rated 'AA-/F1+', based on the support of an irrevocable letter of credit (LOC) provided by LaSalle Bank, National Association (LaSalle). On May 31, 2005, the LaSalle LOC will be replaced by a substitute LOC (the substitute LOC), provided by Wells Fargo Bank, National Association, resulting in the upgrade to 'AA/F1+'.

The substitute LOC covers the principal amount of bonds currently outstanding at $1,650,000 and interest coverage in the amount of $23,869, 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 Feb. 28, 2007, the expiration date, as defined in the LOC, which shall be automatically extended to Feb. 28 in each succeeding calendar year, unless the bank gives notice of intention not to extend; the date on which a substitute liquidity facility or an alternate letter of credit issued in substitution for the substitute LOC becomes effective; any prior termination of the substitute LOC; or upon defeasance of the bonds.