Fitch Ratings revises the long-term component of the rating assigned to the Wells Fargo Stage Trust, series 2008-2C floater certificates and the rating assigned to the residual certificates to 'AA-' from the 'AA' rating which was based on the bond insurance policy provided by Assured Guaranty Municipal Corp. (formerly known as Financial Security Assurance, Inc.), securing the bonds deposited in the series 2008-2C trust.
The 'AA-' rating will be based on the higher of the rating that Fitch has assigned to the custody level credit enhancement provided by Wells Fargo & Company (currently rated 'AA-/F1+' by Fitch) securing the custodial receipts to be deposited in the trust on March 18, 2010, and the rating that Fitch has assigned to The Port Authority of New York and New Jersey, consolidated bonds, One Hundred Forty-Sixth Series (currently rated 'AA-') contained in the trust. The 'F1+' short-term component of the rating assigned to the floater certificates which is based on the liquidity facility provided by Wells Fargo & Company remains unchanged.
Additional information is available at www.fitchratings.com.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Contacts:
Fitch Ratings, New York
Mary Jane Ziga, +1-212-908-0529
Cindy
Stoller, +1-212-908-0526
cindy.stoller@fitchratings.com
