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Based on these downgrades, Fitch takes the following rating actions on FSA and Assured-insured municipal bonds:
--Bonds insured by FSA or Assured with a Fitch underlying rating will reflect the higher of the IFS rating or the Fitch underlying rating.
--Bonds without a Fitch underlying will be downgraded to the IFS rating of the respective insurer.
--Bonds insured by FSA with a Fitch underlying rating of 'AA+' or higher are not affected.
--Bonds insured by Assured with a Fitch underlying rating of 'AA' or higher are not affected.
The spreadsheets that list the affected FSA and Assured-insured municipal securities will be available on the Fitch Ratings web site at 'www.fitchratings.com' under the headers:
U.S. Public Finance >> Special Reports
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.
SOURCE: Fitch Ratings
Fitch Ratings, New York Richard Raphael, +1-212-908-0506 Eric Friedland, +1-212-908-0632 Karl Pfeil, +1-212-908-0516 Cindy Stoller, +1-212-908-0526 (Media Relations) cindy.stoller@fitchratings.com
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