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PHOENIX IDA COLLATERALIZED LOC HOUSING BONDS LOWERED TO 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 PHOENIX IDA COLLATERALIZED LOC HOUSING BONDS LOWERED TO 'A-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 20 /PRNewswire/ -- Phoenix Industrial Development Authority, Arizona's $10.4 million outstanding Multifamily Housing Revenue Bonds (Lynwood Limited Partnership Project) series 1986 are lowered to 'A-' from 'AAA' by Fitch. The new rating reflects Fitch's previous adoption of revised overcollateralization levels for bond issues secured by collateralized letters of credit. New standards were adopted subsequent to Fitch's purchase by new owners. The rating is removed from general review.
 The housing authority's bond issue is secured by a collateralized letter of credit from Redlands Federal Bank (formerly Redlands Federal Savings and Loan Association). While the collateral securing the letter of credit is of the highest credit quality, the permitted collateral levels do not meet Fitch's 'AAA' criteria for this type of structured transaction. Accordingly, the rating has been lowered to the level that the current collateral requirements can support.
 -0- 2/20/92
 /CONTACT: Vincent J. Barberio of Fitch, 212-908-0505/ CO: Phoenix Industrial Development Authority ST: Arizona IN: SU: RTG


AH -- NY054 -- 0956 02/20/92 13:01 EST
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Publication:PR Newswire
Date:Feb 20, 1992
Words:184
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