TEXT-fitch takes various rating actions on enhanced muni bonds

Fri Nov 2, 2012 10:54am EDT

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Nov 2 - Fitch Ratings has taken various conforming rating actions on
enhanced municipal bonds corresponding to actions taken on their associated
enhancement providers or underlying bonds.

Long-term ratings on enhanced municipal bonds may be higher than those of their
enhancement providers as discussed in Fitch's 'Dual-Party Pay Criteria for
Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds', dated March 9,
2012.

Short-term ratings on enhanced municipal bonds may be lower than those of their
liquidity providers, as discussed in Fitch's 'Rating Guidelines for
Variable-Rate Demand Obligations Issued with External Liquidity Support', dated
Feb. 1, 2012.

Fitch has affirmed the ratings on the following bonds and revised the Rating
Outlooks to Positive from Stable:

--California Infrastructure & Economic Development Bank (Westside Waldorf
School) variable-rate demand revenue bonds series 2006 (LOC: California Bank &
Trust) at'BBB-/F3';

--California Statewide Communities Development Authority (Santos, L.L.C.)
variable-rate demand industrial development revenue bonds series 2004A (LOC:
California Bank & Trust) at 'BBB-/F3';

--Henderson County Industrial Facilities & Pollution Control Financing Authority
(NC) (American Coating Technologies, Inc.) variable-rate demand notes series
1998 (LOC: Huntington National Bank) at 'BBB+/F2'.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Criteria' (Feb. 28, 2012);
--'Rating Guidelines for Letter of Credit-Supported Bonds' (June 20, 2012);
--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External
Liquidity Support' (Feb. 1, 2012);
--'Dual-Party Pay Criteria For Long-Term Ratings on LOC-Supported U.S. Public
Finance Bonds' (March 9, 2012);
--'Rating Guidelines for Commercial Paper Note Programs Issued with External
Support' (March 19, 2012).

Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Criteria
Rating Guidelines for Letter of Credit-Supported Bonds
Rating Guidelines for Variable-Rate Demand Obligations Issued with External
Liquidity Support
Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public
Finance Bonds
Rating Guidelines for Commercial Paper Note Programs Issued with External
Support
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