NEW YORK--(BUSINESS WIRE)--Fitch Ratings withdraws the 'AA-/F1+' rating assigned to the New York State Energy Research and Development Authority (NY) (New York State Electric & Gas Corporation Project) pollution control refunding revenue bonds 1994 Series C. The withdrawal of the ratings is in connection with the June 4, 2010 mandatory tender of all outstanding bonds as a result of the letter of credit (LOC) termination. The Wells Fargo Bank, National Association LOC previously supporting the bonds was terminated following the mandatory tender. Following the LOC termination the bonds were converted to a fixed rate mode. Fitch does not maintain an underlying rating on the bonds.
Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Rating Criteria', April 25, 2011;
--'Rating Guidelines for Letter of Credit-Supported Bonds', July 26, 2011,
Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129
Rating Guidelines for Letter of Credit-Supported Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647311
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