66,950,000 revenue refunding bonds, senior 2002 series A-1 at 'AAA';
67,200,000 revenue refunding bonds, senior 2003 series A-1 at 'AAA';
Due to the increased credit enhancement levels and the positive rating migration within the collateral pool, Fitch affirms the A-1
and A-2 classes, and upgrades all other classes.
A notable feature of the structure includes the use of a delayed draw mechanism for the class A-1 notes.
Interest payments are made on a sequential basis, paid first to the class A-1 notes.
investors receive a certificate rate equal to the 30-day commercial paper rate plus 0.
Unless an early amortization event occurs or a class A-1
certificateholder elects not to extend the revolving period, the certificates will revolve for 55-59 months paying interest only.
Also, the class A-1
notes will receive the class A-2 share until the class A-1
notes are fully redeemed.
through A-4 are entitled to 100 percent of all principal collections.
5,418,419 class A-1
notes upgraded to 'AAA' from 'AA-';
is entitled to monthly payments on the collateral described below less fees of the trust.