The rating action is in connection with (i) the re-designation of the outstanding
KEY RATING DRIVERS:
On the effective date, the rating on the notes will be downgraded to 'F1' from 'F1+' based on the support provided by an irrevocable direct-pay LOC to be provided by Barclays. The Barclays 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 series A-1, A-2 and B notes will be issued at par, with interest due at maturity. The series C notes may be sold at a discount. Following the occurrence of an event of default under the LOC, Barclays may direct the IPA to immediately stop the issuance of any additional notes or issue a final drawing notice directing the IPA to draw on the LOC for all notes outstanding. 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 continue to be:
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
Source: Fitch Ratings
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