Fitch rates Orange County, Calif., transportation bonds F1+

Fitch Ratings said it assigned an F1+ rating to the $400 million of Orange County, Calif., Local Transportation Authority's renewed measure M subordinate sales tax revenue commercial paper notes (limited tax bonds), series A and series B.

Fitch said that the first issuance of the notes, consisting of about $25 million of series A notes, is expected around Feb. 7.

The rating is based on a letter of credit provided by Dexia Credit Local, New York Branch; Bank of America, NA; BNP Paribas, San Francisco Branch; and JPMorgan Chase Bank, NA. Each bank has a proportionate share of 25%. The rating will expire upon expiration or termination of the letter of credit.

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