Fitch rates San Jose, Calif., bonds AAA/F1+, AA

Fitch Ratings said it assigned an AAA/F1+ rating to the City of San Jose Financing Authority, Calif.'s $67.195 million taxable lease revenue bonds, series 2008F (land acquisition refunding project), and a preliminary AA rating to two other bond series from the authority.

The outlook is stable.

The AA rated bonds include $10.9 million lease revenue bonds, series 2008C (Hayes Mansion refunding project), and $47.4 million taxable lease revenue bonds, series 2008D (Hayes Mansion refunding project).

The series 2008F rating is based on a letter of credit from Bank of America, NA. Fitch said it will assign ratings for series 2008C and 2008D nearer to closing based on the provision of letters of credit to be provided by Bank of Nova Scotia/CalSTRS.

The series 2008F bonds will price on June 10 and the others on June 24.

The 2008F bonds are being issued to refinance the authority's outstanding lease revenue bonds, series 2005A (taxable) and 2005B (AMT). The 2008C and 2008D bonds are being issued to refinance the authority's 2001B, 2001C and 2001D lease revenue bonds.

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