TEXT-Fitch to raise Florida Gulf Coast University Financing revs

Wed Dec 5, 2012 12:46pm EST

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Dec 5 - On the effective date of Dec. 13, 2012, Fitch Ratings will upgrade
to 'AA-/F1+', Outlook Stable,  from 'A/F1', Outlook Stable, the ratings
currently assigned to the $6,000,000 (currently outstanding $5,600,000) Florida
Gulf Coast University Financing Corporation Capital Improvement revenue bonds,
series 2007B (Student Union Project). 

The long-term 'AA-' rating is based on the higher of the 'AA-' rating assigned 
by Fitch to BMO Harris Bank, N.A (rated 'AA-/F1+', Outlook Stable), which will 
provide an irrevocable direct-pay substitute letter of credit (LOC) securing the
bonds, and the 'A' underlying rating assigned by Fitch to the bonds.Rating Guidelines for Letter of Credit-Supported Bonds
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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