Fitch Ratings assigns a rating of ‘AA’ to the Citigroup custodial receipts series 2008-11275WF relating to Galveston County, Texas, general obligation refunding bonds, series 2007 (bonds).
The ‘AA’ rating is based on the higher of the rating Fitch has assigned to the bonds (currently rated ‘AA’), and Wells Fargo & Company (currently rated ‘AA/F1+’) as provider of the credit enhancement additionally securing the custodial receipts deposited into the Trust.
Additionally, Fitch assigns a rating of ‘AA/F1+’ to the Reset Option Certificates (ROCs) and a rating of ‘AA’ to the Reset Option Longs (ROLs). The long-term rating of ‘AA’ assigned to the ROCs and ROLs is based on the rating that Fitch has assigned to the custodial receipts deposited in the series 11275WF Trust.
The short-term ‘F1+’ rating is based on the liquidity facility provided by Wells Fargo & Company. The short-term rating will expire on 13 September 2009, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.
L.D.