The rating action is in connection with (i) the substitution of the current irrevocable letter of credit (LOC) provided severally by
KEY RATING DRIVERS:
On the effective date, the 'F1+' rating on the notes will be confirmed based on the support provided by an irrevocable direct-pay substitute LOC to be provided Wells. The substitute LOC provides coverage for the principal amount of the notes and interest on the maturity dates of the notes.
The short-term rating on the notes will expire on the earlier of
All notes will be issued at par, with interest due at maturity. Following the occurrence of an event of default under the LOC, Wells may direct the IPA to immediately stop the issuance of any additional notes. In such event, the substitute LOC will expire after all the notes supported by such LOC mature and have been paid from funds drawn on the substitute LOC. The dealers for the notes are Barclays Bank, PLC, Merrill Lynch, Morgan Stanley, Ramirez & Co., Inc. and
The rating is exclusively tied to the short-term rating that Fitch maintains on the substitute bank providing the LOC and will reflect all changes to that rating.
Additional information is available at www.fitchratings.com.
--'U.S. Municipal Structured Finance Criteria',
--'Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support',
U.S. Municipal Structured Finance Criteria
Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support
Mario Civico, +1 212-908-0796
Linda Friedman, +1 212-908-0727
Trudy Zibit, +1 212-908-0689
Source: Fitch Ratings
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- What to Expect From an Amazon Smartphone
- Clinton Sought GOP Support for Health Plan
- Auto Parts Plant Opening in Pa., Jobs on Tap
- Earnings Season Starts Rough for Health Insurers
- Saucedo Mercer Running on Empty in Arizona
- Spring Salmon Return to San Joaquin
- IPO Market Shows Signs of Settling Down to Earth
- Pakistan Library Dedicated to 'Osama bin Laden, the Martyr'
- Venture Investments in U.S. Highest Since 2001