Fitch Ratings confirms the 'AAA' long-term rating and effective Dec. 30, 2008, will upgrade the short-term rating to 'F1+' from 'F1' on the $289,795,000 City of Charlotte, North Carolina, variable rate water and sewer system revenue bonds, series 2006B (the bonds). Fitch also confirms $1.4 billion in outstanding parity water and sewer revenue bonds with a Stable Rating Outlook
The rating action is in connection with the substitution of the liquidity facility supporting the bonds. On the effective date of Dec. 30, 2008, Wachovia Bank, National Association (Wachovia), will replace DEPFA BANK plc, acting through its New York Branch (DEPFA) as the issuer of the Standby Bond Purchase Agreement, (the SBPA) providing liquidity support for the bonds.
The short-term 'F1+' rating on the bonds will expire on the earlier of Dec. 30, 2011, the Expiration Date, as defined in the SBPA, unless such date is extended, or upon any prior termination of the SBPA.
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.
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