Fitch Ratings downgrades the long-term rating and confirms the short-term rating assigned to the $12,865,000 North Carolina Capital Facilities Finance Agency variable-rate educational facilities revenue bonds (Greensboro College Project), series 2003 to 'A+/F1+' from 'AA-/F1+'. The downgrade is in connection with the postponement of the April 1, 2009 scheduled substitution of the Bank of America letter of credit (LOC), currently supporting the bonds, with a substitute LOC to be provided by Branch Banking and Trust Company. The scheduled substitution did not occur and the bonds continue to be fully supported by the Bank of America LOC. BB&T Capital Markets continues to remain as remarketing agent for the bonds.
The rating will expire upon the earliest of: July 15, 2009, the stated expiration date of the Bank of America LOC, unless such date is extended, any prior termination of the LOC, or defeasance of the bonds.
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