TEXT-Fitch to confirm San Jose Financing Authority, Calif. lease rev notes
Dec 20 - On the effective date of Jan. 14, 2013, Fitch Ratings will confirm the short-term 'F1+' rating assigned to the City of San Jose Financing Authority taxable/tax-exempt lease revenue commercial paper notes (the notes). The confirmation of the rating is in connection with the amendment and restatement of the irrevocable, direct-pay letter of credit (LOC) currently provided severally by State Street Bank and Trust Company (State Street, rated 'A+/F1+', Outlook Stable) and California State Teachers Retirement System (CalSTRS, rated 'AA+/F1+, Outlook Stable). On Jan. 14, 2013, the effective date of the amended and restated LOC, CalSTRS will be removed as a several LOC provider and State Street will be the sole LOC provider. The amended and restated LOC provided solely by State Street in the amount of $93,435,750 will provide full and sufficient coverage of $87,000,000 in principal amount of the notes, plus interest coverage in the amount of $6,435,750, due upon the maturity of the notes. Note issuance is limited to the coverage provided by the LOC. The rating will expire upon the earliest of: March 15, 2013, the 'Stated Expiration Date' as defined in the amended and restated LOC, as such date may be extended; any prior termination of the amended and restated LOC. Barclays Capital continues to be the dealer for the notes. Additional information is available at www.fitchratings.com. Applicable Criteria and Related Research: --'U.S. Municipal Structured Finance Rating Criteria', Feb. 28, 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 Commercial Paper Note Programs Issued with External Support
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