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Fitch gives AAA/F1+, AA+/F1+ to N.J. school bonds
Fitch Ratings said it assigned an AAA/F1+ rating to the New Jersey Economic Development Authority's school facilities construction refunding bonds, 2008 series V-2 and V-4, and an AA+/F1+ rating to its school facilities construction refunding bonds, 2008 series V-1, V-3 and V-5.
In total, there is about $1.1 billion of the 2008 series V bonds.
The underlying rating on the bonds is A+.
The ratings reflect direct-pay letters of credit provided by Allied Irish Bank, plc for series V-1; Dexia Credit Local for series V-2; Bank of Nova Scotia for series V-3; Bank of America, NA for series V-4; and Wachovia Bank, NA for series V-5.
Allied Irish is rated AA-F1+, Dexia is rated AA+/F1+, Bank of Nova Scotia is AA-/F1+, Bank of America is rated AA/F1+ and Wachovia is rated AA-/F1+.
The long-term AA rating of Bank of America is on negative watch.
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