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Article: Bank of America LOC-Backed Municipal Bonds Downgraded.
- Article from:
- Business Wire
- Article date:
- July 18, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- In conjunction with the downgrade of Bank of America N.A.'s long-term senior debt rating to 'AA-' from 'AA', Fitch downgrades the following bonds backed by Bank of America N.A. letters of credit (see list below). Most of the downgrades are from 'AA' to 'AA-' reflecting the credit substitution of Bank of America, but certain bonds are downgraded to 'AA+' from 'AAA' or to 'AA' from 'AA+', considering the joint probability of the failure of both a rated municipal obligor and a bank LOC provider. The two-party pay methodology results in a rating that is up to two notches higher than the stronger of the two credits if the following conditions are met: (1) both ...
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Article: NYCTL $156MM Tax Lien Collateralized Bonds Ser ...
Business Wire;
July 26, 2000 ;
700+ words
...Business Editors NEW YORKBUSINESS WIREJuly 26, 2000 NYCTL 1998-2 Trust $28.6 million tax lien collateralized bonds, series 2000-A, class A are rated 'AAA' by Fitch. The $64.4 million class B bonds are rated 'AA', the $40.1 million class C bonds are rated 'A', and the $23.7 million class D bonds are
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