Fitch to Upgrade Fairfax County EDA, VA (The George Mason Univ Foundation) Revs Ser 2003 to 'A+/F1+'.NEW YORK -- Effective Oct. 7, 2009, Fitch Ratings will upgrade the rating assigned to the $35,125,000 ($30,095,000 currently outstanding) Fairfax County Economic Development Authority, VA student housing revenue bonds (The George Mason University Named after American revolutionary, patriot and founding father George Mason, the university was founded as a branch of the University of Virginia in 1957 and became an independent institution in 1972. Foundation, Inc. Project), series 2003 (the bonds) to 'A+/F1+' from 'A-/F1'. The rating action is in connection with the substitution of the irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) provided by SunTrust Bank N.A, (currently rated 'A-/F1' by Fitch) supporting the bonds with a LOC provided 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. (B of A) (currently rated 'A+/F1+' by Fitch). Merrill Lynch & Co. is the remarketing agent for the bonds. B of A is obligated to make payments of principal and interest on the bonds when due, as well as purchase price for tendered bonds. The LOC provides full and sufficient coverage of principal plus an amount equal to 40 days of interest computed at a maximum rate of 12%, based on a year of 365 days, and purchase price for tendered bonds. The rating will expire on the earliest of: (i) Oct. 7, 2010, the stated expiration date of the LOC, unless such date is extended; (ii) any prior termination of the LOC; or (iii) the defeasance of the bonds. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. HTTP runs on top of the TCP/IP protocol. ://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. |
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