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Article: Fitch Rates $3MM Dallam County Industrial Dev Corp, TX Dalhart Jersey Ranch 2006 VRDBs 'AA-/F1+'.
- Article from:
- Economics Week
- Article date:
- November 6, 2009
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Fitch Ratings assigns a rating of 'AA-/F1+' to the $3,000,000 Dallam County Industrial Development Corporation, Texas variable rate demand economic development revenue bonds (Dalhart Jersey Ranch, Inc. Project), series 2006. The rating is based on the support provided by an irrevocable, direct-pay confirming letter of credit (CLOC) issued by CoBank, ACB. The bonds were initially issued with the additional support of a CLOC provided by Wachovia Bank. On Nov. 2, 2009, the Wachovia Bank CLOC will be released and cancelled. Bondholders have acknowledged the release of the Wachovia Bank CLOC and have waived the mandatory tender that would have otherwise been required.
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