Fitch Withdraws Enhanced Rtg on Raleigh-Durham Airport Auth, NC's Airport Rev Rfdg Bonds Ser 2008C

Tools

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings withdraws the 'AA-/F2' enhanced rating assigned to the Raleigh-Durham Airport Authority, NC's variable-rate airport revenue refunding bond series 2008C.

The rating on Fitch's website is based on the higher of the long-term rating of the issuer (rated 'AA-' with a Negative Outlook) or of the rating of the letter of credit (LOC) bank supporting the bonds, SunTrust Bank N.A. (rated 'BBB+/F2' with a Stable Outlook).

The 'F2' short-term rating is based solely on the SunTrust Bank, N.A. LOC. However, Fitch was recently informed that as of Nov. 2, 2009, the SunTrust Bank N.A. LOC was further enhanced by the provision of a confirming LOC issued by the Federal Home Loan Bank of Atlanta (rated 'AAA/F1+' with a Stable Outlook). Fitch was not asked to rate the bonds based on this additional credit enhancement. The withdrawal of the ratings is in connection with this change and the remarketing of the bonds without a Fitch rating.

The long-term rating has been revised to reflect the underlying 'AA-' rating assigned to the bonds.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Rating Criteria', Aug. 16, 2010;

--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support', May 29, 2009.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548588

Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=443146

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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.

CONTACT:

Fitch Ratings
Primary Analyst
Linda Friedman, +1-212-908-0796
Senior Director
Fitch, Inc.
33 Whitehall
New York, NY 10004
or
Secondary Analyst
Mary Jane Ziga, +1-212-908-0529
Senior Director
or
Committee Chairperson
Mario Civico, +1-212-908-0796
Senior Director
or
Media Relations:
Cindy Stoller, +1-212-908-0526
Email: cindy.stoller@fitchratings.com