Fitch gives underlying BBB+ to University Retirement Community at Davis, Calif.

Fitch Ratings said it assigned BBB+ underlying ratings to the California Statewide Communities Development Authority's $46 million of insured variable-rate demand bonds, series 2003, University Retirement Community at Davis (URCAD) project, and $15 million of variable-rate demand bonds, series 2008, URCAD project.

Issuance is expected in April.

The outlook is stable.

The series 2003 bonds are insured by Radian Asset Assurance and have a letter-of-credit wrap by Bank of America. Fitch said it was not asked to rate the letter of credit on the series 2003 bonds.

The series 2008 bonds will be backed by an irrevocable direct-pay letter of credit from Bank of America. Fitch said it expects to rate the 2008 bonds at a later date.

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