Fitch Ratings has published a report on Sharyland Independent School District, TX. The report is available at 'www.fitchratings.com'. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: Sharyland Independent School District, Texas http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=661549 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FO...
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Fitch Ratings withdraws its 'A+/F1' credit enhanced rating on the Yavapai County Industrial Development Authority Hospital Revenue Bonds (Northern Arizona Health Care System) Series 2008B which was based on the credit support provided by Banco Bilbao Vizcaya Argentaria (BBVA). Fitch was not asked to provide a rating based on any replacement facility. Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch...
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Fitch Ratings assigns the following ratings to the Sharyland Independent School District (ISD), Texas (the district) unlimited tax (ULT) bonds: --$55 million ULT school building bonds, series 2012 'AAA'. The 'AAA' long-term rating reflects the guarantee provided by the Texas Permanent School Fund (PSF), whose bond guarantee program is rated 'AAA' by Fitch. Fitch also assigns an 'AA-' underlying rating to the series 2012 bonds. The bonds are expected to price via negotiation the week of Jan...
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Fitch Ratings has upgraded Ohio Power Company's (OPCo) long-term Issuer Default Rating (IDR) to 'BBB+' and its senior unsecured rating to 'A-'. Fitch has also affirmed Columbus Southern Power Company's (CSPCo) 'BBB+' IDR and 'A-' senior unsecured rating. A full list of rating actions is shown at the end of this release. The Rating Outlook for both entities is Stable. Merger Approved: These rating actions reflect the merger of CSPCo into OPCo, which was approved by the Public Utilities Comm...
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Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Wells Fargo Stage Trust series listed below: --Series 2011-144C: floaters 'AA-/F1+'; Stable Outlook; residuals 'AA-'; Stable Outlook; --Series 2011-146C: floaters 'AA+/F1+'; Stable Outlook; residuals 'AA+'; Stable Outlook; and --Series 2011-147C: floaters 'AA-/F1+'; Stable Outlook; residuals 'AA-'; Stable Outlook; The long-term 'AA-' ratings assigned to the series 2011-144C certific...
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Link to Fitch Ratings' Report: Liquidity Review: Pipelines, Midstream, and MLPs http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662830 North American diversified and midstream companies and master limited partnerships (MLPs) have sufficient liquidity following a wave of new revolving credit facilities, according to a Fitch Ratings report. The new facilities became effective in mid-2011, before the expected refinancing cliff of 2012. Fitch expects that issuers that have y...
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BRUSSELS, December 28, 2011 /PRNewswire/ -- - Cross reference: Picture is available via epa european pressphoto agency and can be downloaded free of charge at: http://www.presseportal.de/story.htx?firmaid=53913 - Greek haircut and saving programs alone do not solve the Euro problem and will result in continued credit crunch that may damage growth in Europe. Europe's 500, therefore, proposes an approach that ensures budget DISCIPLINE + LIQUIDITY at the same time and thereby improves the gro...
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Link to Fitch Ratings' Report: U.S. Food and Restaurants Recovery Models -- Third-Quarter 2011 http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663815 Fitch Ratings has published updated recovery analyses for the following U.S. Food companies: ARAMARK Corporation Burger King Corporation Dean Foods Company Del Monte Corporation DineEquity, Inc. Dole Food Company, Inc. Smithfield Foods, Inc. The interactive recovery analysis worksheets are availa...
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Fitch Ratings has assigned an 'A+' rating to the following Municipal Electric Authority of Georgia (MEAG Power) bonds: --$100.725 million power revenue bonds, taxable series four; --$59.98 million Project One subordinate bonds, taxable series 2012A; --$57.98 million general power revenue bonds, taxable 2012A series; --$81.235 million General Resolution Projects subordinated bonds, taxable series 2012A. The bonds outlined above are expected to sell the week of Dec. 26, 2011. Proceed...
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As part of its ongoing surveillance efforts, Fitch Ratings has affirmed the 'BB+' rating on the following bonds: --$17,000,000 Illinois Finance Authority revenue bonds (Lutheran Social Services of Illinois), series 2006. The Rating Outlook is Stable. Security: The bonds are secured only by the unrestricted receivables of the obligated group, with no mortgage pledge. Key Rating Drivers OPERATING PERFORMANCE ADEQUATE: Lutheran Social Services of Illinois Obligated Group (LSSI) had a weak...
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Fitch Ratings confirms the long and short-term 'A/F1' ratings on the Bank of America Merrill Lynch Puttable Floating Option Tax-Exempts Receipts (P-FLOATs) series PT-4296, PT-4333, PT-4491 and PT-4509 and confirms the 'A' long-term rating on the Bank of America Merrill Lynch Residual Interest Tax-Exempt Securities Receipts (RITES) series PT-4296, PT-4333, PT-4491 and PT-4509. The confirmations are in connection with the substitution of the custodial level credit enhancement for each series of P-FL...
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Fitch Ratings has revised its special report describing the representations, warranties, and enforcement mechanisms (RW&Es) the agency typically sees in structured finance (SF) transactions. The report has been updated to include the 'typical' RW&Es that Fitch sees in Federal Family Education Loan Program student loan asset-backed securities (SL ABS) that are issued by municipal and not-for-profit entities. Beginning on Jan. 1, 2012, all presale and new issue reports for SL ABS issued by m...
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Fitch Ratings has affirmed the foreign currency Issuer Default Rating (FC IDR) of Empresa Nacional de Petroleo (ENAP) at 'A', its national scale rating at 'AAA(cl)' and its short-term rating at 'F1+(cl)/AAA(cl)'. The Rating Outlook is Stable. ENAP's ratings reflect its ownership by the Chilean government, the company's strong legal, operational and strategic ties with the state, and its strategic importance to assure the country's energy supply. As a state-owned company, ENAP's FC IDR is strongly ...
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As part of ongoing surveillance efforts, Fitch Ratings has downgraded Memphis Light, Gas and Water Division, TN's (MLGW) electric revenue bonds series 2003A, 2008 and 2010 to 'AA+' from 'AAA'. The Rating Outlook is Stable. SECURITY: The bonds are secured by a subordinate lien on Net General Revenues of the electric system. There are no bonds outstanding against the senior lien at this time. KEY RATING DRIVERS: FINANCIAL METRICS: The downgrade reflects financial metrics which, altho...
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As part of its ongoing surveillance, Fitch Ratings upgrades one and affirms three classes of the Merrill Auto Trust Securitization 2008-1 transaction as follows: -- Class A-4a affirmed at 'AAAsf'; Outlook Stable; -- Class A-4b affirmed at 'AAAsf'; Outlook Stable; -- Class B affirmed at 'AAAsf'; Outlook Stable; -- Class C upgraded to 'AAsf' from 'BBBsf'; Outlook to Stable from Positive. The ratings are based on available credit enhancement and loss performance. The collateral pools ...
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Fitch Ratings has published the criteria report titled 'Investment Manager and Alternative Funds Criteria'. This criteria report updates Fitch's rating criteria for this sector. This newly published criteria report replaces both 'Investment Manager and Alternative Funds Criteria', dated Dec. 23, 2010, which has been withdrawn today. The updated 'Investment Manager and Alternative Funds Criteria' are substantially the same as the previous criteria, so it will not automatically trigger any immed...
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Fitch Ratings has affirmed the super senior and mezzanine 'AAA' classes of Banc of America Commercial Mortgage (BACM) Inc., 2006-2 commercial mortgage pass-through certificates and downgraded two classes. A detailed list of rating actions follows at the end of this release. The downgrades to classes G and J reflect a decrease in credit enhancement from realized losses incurred by six specially serviced loans which have been liquidated since Fitch's last rating action. Fitch modeled losses of 5.13%...
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Fitch Ratings has affirmed ING Bank (Mexico)'s (INGMex) long-term Issuer Default Ratings (IDRs) at 'BBB+/F2', as well as its national scale ratings at 'AAA(mex)' and 'F1+(mex)'. INGMex's IDRs reflect the implicit support from its parent company, ING Bank NV, rated 'A+/1+' with a Stable Outlook by Fitch. See the full list of rating actions at the end of this commentary. INGMex long-term IDR is currently set at the same level as Mexico's sovereign local currency rating. It could be negatively affect...
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As a result of a similar action taken at its parent company, Fitch Ratings has placed BBVA Bancomer's (Bancomer) local currency (LC) long-term Issuer Default Rating (IDR) of 'A' on Rating Watch Negative, as well as the global and local ratings of its hybrid securities, currently rated at 'BBB+' and 'AAA(mex)', respectively. Other of Bancomer's international ratings were affirmed as detailed in the list of rating actions at the end of this commentary, as well as the 'AAA(mex)' and 'F1+(mex)' national s...
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Fitch Ratings has assigned an 'F2' rating on Westar Energy, Inc.'s (Westar) $1 billion commercial paper program. In addition, Fitch has affirmed the long-term Issuer Default Rating (IDR) on Westar and its utility subsidiary Kansas Gas and Electric Company (KGE) at 'BBB'. A full list of rating actions is shown at the end of this release. The Rating Outlook for both entities is Stable. These rating actions affect $1.975 billion of first mortgage bonds, approximately $250 million of secured varia...
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Link to Fitch Ratings' Report: U.S. Homebuilding and Building Materials Recovery Models -- Third-Quarter 2011 http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663812 Fitch Ratings has published updated recovery analyses for U.S. Homebuilders and Building Materials companies, including: Beazer Homes USA, Inc. Hovnanian Enterprises, Inc. KB Home M/I Homes, Inc. Meritage Corp. Standard Pacific Corp. USG Corporation The interactive recovery ana...
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Fitch Ratings has assigned final ratings to Freddie Mac FREMF 2011-K16 multifamily mortgage pass-through certificates and Freddie Mac Structured Pass-Through Certificates, Series K-016. Fitch assigns the following ratings and Outlooks: FREMF 2011-K16 Multifamily Mortgage Pass-Through Certificates --$134.5 million class A-1 'AAAsf'; Outlook Stable; --$880.1 million class A-2 'AAAsf'; Outlook Stable; --$1.0145 billion* class X1 'AAAsf'; Outlook Stable; --$1.0145 billion * class X...
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Fitch Ratings has affirmed the 'A+' long-term Issuer Default Rating (IDR) and 'F1+' short-term IDR of Southeast Corporate Federal Credit Union (Southeast) based on its announcement that it plans to merge with Corporate One Federal Credit Union (CorpOne). The Rating Outlook is Stable. A complete list of ratings is provided at the end of this release. Southeast and CorpOne have entered into agreement to pursue a merger and the two corporates are currently working together to complete the due diligen...
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