KEY RATING DRIVERS:
On the effective date, the short-term 'F1+' rating will be based on the liquidity support provided by
For more information on the long-term rating, see the press release dated
The substitute SCPA provides for the payment of the principal component of purchase price plus an amount equal to 34 days of interest calculated at a maximum rate of 12%, based on a year of 365 days for tendered bonds during the weekly rate mode in the event that the proceeds of a remarketing of the bonds are insufficient to pay the purchase price following an optional or mandatory tender. The substitute SCPA will expire on the earliest of:
The short-term rating reflects the short-term rating that Fitch maintains on the bank providing liquidity support, and will be adjusted upward or downward in conjunction with the short-term rating of the bank and, in some cases, the long-term rating of the bonds.
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',
Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support
U.S. Municipal Structured Finance Criteria
Source: Fitch Ratings
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