NEW YORK--()--Fitch Ratings has withdrawn its ratings on the following:
--Cleveland-Cuyahoga County Port Authority (Bond Fund Program) development revenue bonds rated 'BBB-';
--Toledo-Lucas County Port Authority (Northwest Ohio Bond Fund Program) development revenue bonds rated 'BBB-';
--Summit County Port Authority (Bond Fund Program) - development revenue bonds rated 'BBB-';
--Lorain County Port Authority (Lorain county Port Authority Bond Fund) development revenue bonds rated 'BBB+';
--Columbus-Franklin County Finance Authority (Central Ohio Regional Bond Fund) development revenue bonds rated 'BBB+';
--Dayton-Montgomery County Port Authority (Dayton Regional Bond Fund) development revenue bonds rated 'BBB+'.
As part of its ongoing review of the process and methodology for ratings based on portfolios of credits, Fitch has determined that an enhanced level of information and more active review of the credit quality of the underlying participants in each of these funds is appropriate, especially given these pools' less diversified nature where relatively few distinct exposures can significantly influence the published bond fund rating.
Items considered when determining the feasibility of evaluating underlying pool participants include, but are not limited to, the availability and timeliness of audited annual and interim financial statements, accessibility of management, and participant size.
A number of the current borrowers in these pools do not meet Fitch's enhanced standards for determining credit quality and Fitch expects that some future borrowers may also not be able to meet certain information requirements. Consequently, Fitch will no longer provide coverage on the six port authority pooled loan programs listed above.
Additional information is available at www.fitchratings.com
In addition to the sources of information identified in the Global Rating Criteria for Corporate CDO's, this action was informed by information from the underwriter.
--'Global Rating Criteria for Corporate CDOs', dated July 5, 2010.
--'Municipal Economic Development Bond Funds Rating Criteria', dated Oct. 26, 2009.
For information on Build America Bonds, visit www.fitchratings.com/BABs.
Global Rating Criteria for Corporate CDOs
Municipal Economic Development Bond Funds Rating Criteria