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MICHIGAN STRATEGIC FUND $27 MILLION SERIES 1993-A 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 29 /PRNewswire/ -- The Michigan Strategic Fund's $27.9 million Adjustable Rate Demand Limited Obligation Refunding Revenue Bonds (Consumers Power Project) Series 1993-A are rated 'F-1+' by Fitch. The rating is based on the 100 percent support of Canadian Imperial Bank of Commerce (CIBC). The support is in the form of an irrevocable direct pay letter of credit.
 The bonds will be issued and secured by a trust indenture between the Michigan Strategic Fund and The Chase Manhattan Bank, N.A., the trustee. The fund will loan bond proceeds to Consumers Power Corp. to allow them to refund certain outstanding bonds.
 The indenture allows for the bonds to bear interest in four modes: daily, weekly, commercial paper, and long-term. All four modes are supported by the letter of credit.
 The letter of credit is an irrevocable obligation of CIBC to pay scheduled principal and interest, optional and mandatory tenders, mandatory redemptions, and payments under an acceleration. The letter of credit is available for direct payments to the trustee. The amount available will cover all principal and up to 210 days of interest. The letter of credit is set to expire June 30, 1996.
 -0- 6/29/93
 /CONTACT: David R. Howard of Fitch, 212-908-0677/


CO: Michigan Strategic Fund ST: Michigan IN: FIN SU: RTG

SM -- NY079 -- 6843 06/29/93 15:59 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
Words:225
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