Fitch Rates Massachusetts $164MM GO Auction Rate Bonds AA Underlying
Published August 14th, 2007
Fitch Ratings assigns an underlying ‘AA’ rating to the Commonwealth of Massachusetts’ $163,925,000 general obligation (GO) bonds, consolidated loan of 2007 (auction rate securities), consisting of $81,975,000 series D-1 and $81,950,000 series D-2. Bear, Stearns & Co. Inc. and JP Morgan will act as broker-dealers for the securities. In addition, Fitch affirms the ‘AA’ rating on about $16 billion outstanding commonwealth GO bonds. The Rating Outlook is Stable.
The bonds are insured by Financial Guaranty Insurance Company (FGIC), whose insurer financial strength is rated ‘AAA’ by Fitch.
For more information, see the Aug. 3 press release issued in conjunction with the commonwealth’s issuance of $1.1 billion GO bonds, consolidated loan of 2007 series C, which sold the week of Aug. 6 through negotiation with a syndicate led by Merrill Lynch & Co.
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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