Fitch Ratings affirms the underlying 'A' rating on the
School Board of Lake County, Florida's approximately $25.3 million
certificates of participation (The School Board of Lake County,
Florida Master Lease Program), series 2005C. The certificates of
participation (COPs), expected to be insured, are scheduled to price
the week of Jan. 16 through negotiation with a syndicate led by
Citigroup. The 2005C COPs will refund a portion of the district's
outstanding series 2002 certificates. The COPs were expected to be
issued in Sept. 2005, the sale was delayed due to market conditions.
The net present value savings is estimated at 3.1% of the refunded
par. In addition, Fitch affirms the underlying 'A' rating on the
district's approximately $153 million in outstanding certificates
under the master lease structure. The Rating Outlook is Stable.
For more information on Lake County School District please see Fitch research dated Sept. 19, 2005, available on the Fitch Ratings web site at 'www.fitchratings.com'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, '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.
For more information on Lake County School District please see Fitch research dated Sept. 19, 2005, available on the Fitch Ratings web site at 'www.fitchratings.com'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, '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.