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Fitch Downgrades CPCFA Revs 2000A to 'A+/ F1'
Business Wire, May 8, 2008
NEW YORK -- On the effective date of May 14, 2008, Fitch Ratings will downgrade the rating assigned to the $2,620,000 (original principal amount, currently $2,345,000 in aggregate principal amount outstanding) California Pollution Control Financing Authority, Variable Rate Demand Solid Waste Disposal Revenue Bonds (Solid Wastes of Willits, Inc. Project), series 2000A to 'A+/F1' from 'AA/F1+'. The change in the rating is in connection with the provision of a substitute irrevocable, direct-pay letter of credit (LOC) issued by Union Bank of California, N.A., which on May 14, 2008, will replace Wells Fargo Bank, N.A., as the provider of the LOC supporting the Bonds. A mandatory repurchase of the bonds occurs on the same date in connection with the substitution of the LOC. Westhoff, Cone & Holmstedt remains the remarketing agent for the bonds.
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The rating will expire upon the earliest of: September 10, 2013, unless such date is extended; any prior termination of the substitute LOC; or defeasance of the bonds.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
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