Fitch Rates Taylor-Ryan Improvement Dist (AL) Ser 2005 $13.8MM VRDBs 'AAA/F1+'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a rating of 'AAA/F1+' to the $13,800,000 The Taylor-Ryan Improvement District improvement bonds series 2005. The rating is based on the support provided by an irrevocable, direct-pay confirming letter of credit (CLOC) issued by The Federal Home Loan Bank of Atlanta.

The CLOC provides full and sufficient coverage of principal, interest equal to 35 days calculated at a maximum rate of 10% based on a year of 365 days, and purchase price. The underlying irrevocable, direct-pay letter of credit (LOC) issued by the Columbus Bank and Trust Company provides the same coverage as the CLOC. The CLOC will expire on Nov. 15, 2010, unless automatically extended for annual terms extended pursuant to the confirming bank's option. Fitch's rating will expire on the earliest to occur of the expiration date of the CLOC, any prior termination of the CLOC, upon conversion to a term interest rate mode, or defeasance of the bonds. The remarketing agent for the bonds is Synovus Securities, Inc. The expected closing date of the bonds is Dec. 30, 2009.

The bonds currently bear interest in the weekly interest rate mode, but may be converted to a two-day or term interest rate mode. While bonds bear interest in the weekly interest rate mode, interest is payable on the first business day of each month. The initial interest payment date is Jan. 4, 2010. Bondholders may tender their bonds for purchase on any business day with seven days' prior notice to the trustee during the weekly rate mode. The bonds are subject to mandatory tender upon conversion to the daily or term interest rate mode; on the effective date of any alternate LOC or alternate CLOC; 15 days preceding the expiration date of the LOC or CLOC. Optional redemption provisions also apply to the bonds.

Bonds proceeds were used to refund certain of the district's outstanding improvement bonds the proceeds of which were used to pay the cost of acquiring, constructing and equipping roadway, parking and other capital improvements for the benefit of land in the district.

Additional information is available at www.fitchratings.com.

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