Fitch withdraws rating on Missouri's Nelson Gallery bonds

Fitch Ratings said it withdrew the AA rating that was previously assigned to about $98.4 million of Missouri Development Finance board's cultural facilities revenue bonds, series 2007A, which were issued on behalf of the Nelson Gallery Foundation.

Fitch said that, according to the underwriters, the series 2007A bonds were not sold as planned because of changing market conditions and delays in implementing the new money project. The foundation now plans to proceed with the financing when market conditions improve, according to Fitch's announcement.

The rating was originally assigned on Aug. 17.

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