Printer Friendly

Fitch Corrects S-T Rating on Texas Transportation Commission, TX's 2005B GO Var Rate Bonds.

NEW YORK -- Fitch Ratings has corrected the short-term rating assigned to Texas Transportation Commission, variable rate general obligation (GO) mobility fund bonds, series 2005B to reflect the short-term rating of Depfa Bank plc (DEPFA, rated 'BBB+/F2' with long- term ratings on Rating Outlook Negative by Fitch). DEPFA currently provides liquidity support in the form of a standby bond purchase agreement (SBPA) for the bonds.

Fitch incorrectly revised the short-term rating to 'F1+' on March 3, 2009 based on liquidity furnished by a GO pledge of the state of Texas

The rating correction is not a reflection of any credit changes to the Texas Transportation Commission or DEPFA. The long-term rating of 'AAA' with a Stable Rating Outlook continues to reflect the rating Fitch has assigned to the GO bonds. The short-term rating of 'F2' is based on the SBPA provided by DEPFA.

The full rating history is available on Fitch's web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Rating Criteria' (April 25, 2011);

--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support' (Feb. 28, 2011).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129

Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=607665

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE 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 ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
COPYRIGHT 2011 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1U2NY
Date:Dec 20, 2011
Words:408
Previous Article:Research and Markets: Company Scan: Pipavav Defence and Offshore Engineering Company Ltd.
Next Article:Active Network Forges Strategic Alliance with the Professional Convention Management Association (PCMA) for Its Worldwide Events.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters