Fitch Confirms San Jose, CA Intl Airport CP Program Ser B&C at 'F1+'; Rates Series A-1 & A-2 'F1+'

Dépèche transmise le 28 août 2009 par Business Wire

NEW YORK--(BUSINESS WIRE)--Fitch Ratings confirms the 'F1+' rating assigned to the City of San Jose, California, San Jose International Airport subordinated commercial paper (CP) notes, consisting of series B (AMT) and series C (taxable) and assigns a rating of 'F1+' to series A-1 (non-AMT) and series A-2 (non-AMT/private activity) (the notes). Fitch also withdraws the 'F1+' previously assigned to the series A notes.

The rating actions are in connection with the redesignation of the series A notes as series A-1 and series A-2. The 'F1+' rating on the notes continues to be based upon two letters of credit (LOCs), both of which are issued on a several basis by JPMorgan Chase Bank, N.A. (JPMorgan), Bank of America, N.A. (BofA), and Dexia Credit Local, acting through its New York Branch (Dexia). One LOC provides support for the series A and B notes and the other the series C notes.

Fitch's rating on the notes expires on the earlier of Dec. 2, 2010, the stated expiration date of the LOCs, unless such date is extended, or any prior termination of the LOCs.

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.

Business Wire

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