Fitch Rates UMass building bonds AA/F1+

Fitch Ratings said it assigned an AA/F1+ rating to the University of Massachusetts Building Authority's approximately $104 million in variable-rate refunding revenue bonds, senior series 2008-4.

The bonds are expected to be available for delivery around June 10.

The AA rating is based on a guarantee by the Commonwealth of Massachusetts. The short-term F1+ rating is based on the liquidity support of a standby bond purchase agreement provided by Bank of America, NA.

Proceeds will be used, together with other available funds, to effect the refunding of outstanding UMass Building Authority senior series 2006-1 bonds.

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