Fitch Withdraws S-T 'F1+' Rating on Northside, TX ISD Var Rate Unlimited Tax Ref Bds, Ser 2003-B

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings withdraws the short-term 'F1+' rating assigned to the Northside Independent School District (ISD) variable-rate unlimited tax refunding bonds, series 2003-B (the Bonds).

The withdrawal of the short-term rating is in connection with the (i) Aug. 1, 2010 conversion of the interest rate on the Bonds from the variable-rate mode to a fixed-rate of interest to maturity and the related Aug. 2, 2010 mandatory tender of such Bonds, and (ii) termination of the standby bond purchase agreement (SBPA) provided by Dexia Credit Local, acting through its New York Branch, which provided liquidity for the Bonds while in the variable-rate mode.

The long-term 'AAA' rating assigned to the Bonds continues to be based on the support of the guarantee of the Texas Permanent School Fund (Insurer Financial Strength rated 'AAA' by Fitch). Fitch also maintains an underlying rating of 'AA+' on the ISD's bonds.

Applicable criteria available on Fitch's website at www.fitchratings.com: 'U.S. Municipal Structured Finance rating Criteria', Dec. 17, 2009; 'Rating Guidelines for Insured Floaters: Pre and Post Credit Crisis', Aug. 28, 2009.

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

Related Research:

U.S. Municipal Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=492084

Rating Guidelines for Insured Floaters: Pre and Post Credit Crisis

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=463706

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
Trudy Zibit, 212-908-0689, New York
(short-term rating)
Jose Acosta, 512-215-3726, Austin
(ISD and underlying rating)
or
Media Relations:
Cindy Stoller, 212-908-0526, New York
Email: cindy.stoller@fitchratings.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:   Professional Services  Banking

MEDIA: