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Fitch Rates County of Juab, Utah Intermountain Farmers Assoc. Series 2006 VRDB's 'AA-/F1+'
July 28th, 2008
Fitch assigns a 'AA-/F1+' rating to the $4,000,000 county of Juab, Utah variable rate demand industrial development revenue bonds (Intermountain Farmers Association Project), series 2006. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by CoBank, ACB, securing the bonds. The bank is obligated to make payments of principal and interest when due, as well as purchase price for tendered bonds. The rating will expire upon the earliest of: the stated expiration date of the LOC, October 5, 2009, which date shall be automatically extended for one year periods unless the bank gives prior notice of non-extension; any prior termination of the...
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Source: Investment Weekly News (2008-07-28)