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Article: Fitch Rates Texas Permanent University Fund CP Program 'F1+'.
- Article from:
- Business Wire
- Article date:
- September 2, 2008
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NEW YORK -- Fitch Ratings assigns an 'F1+' rating to the Board of Regents of The University of Texas System (the system) permanent university fund (PUF) commercial paper (CP) notes, series A (tax-exempt) and series B (taxable). CP notes may be issued by the system up to a maximum authorization of $500 million.
In addition, Fitch affirms the 'AAA'/'F1+' rating on the system's approximately $919.0 million of outstanding senior lien PUF bonds and $400 million of PUF flexible rate notes (FRNs). The system expects to refund outstanding PUF FRNs prior to August 31, 2009 as the PUF CP program will essentially replace the FRNs as the system's interim financing program ...