Fitch to Confirm Rating on Atkinson Co-Coffee Co (GA) JDA VRBs (Langboard Proj) Ser 2008

NEW YORK--()--On the effective date of June 18, 2014, Fitch Ratings will confirm the 'AA-/F1+', Stable Outlook rating assigned to the $17,600,000 (original principal amount, with $16,800,000 principal amount outstanding) Atkinson County-Coffee County Joint Development Authority, Georgia, variable rate demand solid waste revenue bonds (Langboard, Inc. Project), series 2008. The rating action is in connection with: (i) the substitution of the irrevocable direct-pay letter of credit (LOC) previously provided by CoBank, N.A. (rated 'AA-/F1+', Stable Outlook) with a substitute LOC to be issued by Wells Fargo Bank, N.A. (Wells Fargo; rated 'AA-/F1+', Stable Outlook); and (ii) the mandatory tender of the bonds, which will occur on June 18, 2014.

KEY RATING DRIVERS:

The rating will be based on the support provided by the substitute LOC issued by Wells Fargo.

Pursuant to the substitute LOC, the bank is obligated to make regularly scheduled payments of principal of and interest on the bonds in addition to payments due upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. The rating will expire on June 18, 2019; conversion of the interest rate to a mode other than weekly; any prior termination of the substitute LOC; or defeasance of the bonds. The Wells Fargo LOC provides full and sufficient coverage of principal plus an amount equal to 109 days of interest at a maximum rate of 10% based on a year of 365 days and purchase price for tendered bonds, while in the weekly rate mode. The Remarketing Agent for the bonds is Wells Fargo.

RATING SENSITIVITIES:

The rating is exclusively tied to the short- and long-term rating that Fitch maintains on the bank providing the substitute LOC and will reflect all changes to that rating.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Criteria', February 24, 2014;
--'Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper', June 2, 2014.

Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618
Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749431

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Media Relations
Elizabeth Fogerty, New York
Tel: +1 (212) 908 0526
Email: elizabeth.fogerty@fitchratings.com
or
Primary Analyst
Janet Rosen
Consulting Analyst
+1-312-368-3172
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Joseph Staffa
Senior Director
+1-212-908-0829
or
Committee Chairperson
Linda Friedman
Senior Director
+1-212-908-0727

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Contacts

Fitch Ratings
Media Relations
Elizabeth Fogerty, New York
Tel: +1 (212) 908 0526
Email: elizabeth.fogerty@fitchratings.com
or
Primary Analyst
Janet Rosen
Consulting Analyst
+1-312-368-3172
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Joseph Staffa
Senior Director
+1-212-908-0829
or
Committee Chairperson
Linda Friedman
Senior Director
+1-212-908-0727