NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the rating of the following prepaid gas transactions at 'A':
--Long Beach Bond Finance Authority, natural gas purchase revenue bonds, series 2007A & B;
--Main Street Natural Gas, gas project revenue bonds, series 2006B and series 2007A;
--Clarksville Natural Gas Acquisition Corporation, gas revenue bonds, series 2006;
--Public Authority for Colorado Energy, natural gas purchase revenue bonds, series 2008A;
--Roseville Natural Gas Financing Authority, gas revenue bonds, series 2007.
The Rating Outlook on all bonds is revised to Stable from Negative.
The rating action reflects Fitch's assessment of the credit quality of the various counterparties and enhancement providers and Fitch's May 19, 2015 decision to revise the Rating Outlook on Bank of America Corp.'s (BAC) 'A' long-term Issuer Default Rating to Stable from Negative.
Natural gas is supplied by Merrill Lynch Commodities Inc., whose obligations are guaranteed by BAC, in each of the transactions noted above.
RATING SENSITIVITIES
Change in Counterparty Ratings: The long-term rating on the bonds will continue to be determined by Fitch's assessment of the transaction structure, the role of the remaining counterparties in the structure, and their credit quality.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Criteria for Rating Prepaid Energy Transactions,' dated July 10, 2014;
--'U.S. Municipal Structured Finance Criteria' dated Feb. 23, 2015.
--'Fitch Upgrades Bank of America's VR to 'a'; Outlook Revised to Stable' dated May 19, 2015
Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222
Criteria for Rating Prepaid Energy Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752050
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985179
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