Oct. 14, 2009 (Business Wire) -- An error was found in the rating on the Fitch Ratings' web site for the bond listed below:
-- California Pollution Control Financing Authority (CPCFA) variable-rate demand solid waste disposal revenue bonds (Ag Resources III, LLC Project), Series 2004A
The long-term rating assigned to the above-referenced bond was incorrectly downgraded when KeyBank's long-term Issuer Default Rating was downgraded. The bonds were originally supported by a confirming letter of credit (CLOC) provided by KeyBank (rated 'A-/F1' by Fitch) and a letter of credit (LOC) provided by Farm Credit West, PCA (not rated by Fitch). KeyBank did not extend the expiration date, causing the CLOC to expire on May 19, 2009. The trustee directed a mandatory tender for non-extension of the CLOC and submitted a draw on the Farm Credit West LOC. The bonds are currently held as bank bonds by Farm Credit West.
Additional information is available at 'www.fitchratings.com'.
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.
