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Fitch Downgrades Regions Bank Backed Muni Bonds

Posted on: Friday, 14 November 2008, 12:00 CST

In conjunction with the Rating Outlook revision and downgrade of Regions Bank short-term Issuer Default Rating (IDR), Fitch Ratings has downgraded municipal bonds with letters of credit provided by Regions Bank.

Fitch revised Regions Bank's Outlook to Negative and downgraded its short-term IDR to 'F1' from 'F1+' on March 28, 2008.

The Outlooks on the following bonds are revised to Negative, and the short-term ratings are downgraded to 'F1' from 'F1+':

--Tippecanoe County (IN) (Faith Properties, Inc) adjustable-rate demand revenue bonds series 2005;

--Louisiana Public Facilities Authority (LA) (Tiger Athletic Foundation Project) revenue bonds series 1999;

--Louisiana Public Facilities Authority (LA) (Tiger Athletic Foundation Project) revenue bonds series 2004;

--Guilford County Industrial Facilities & Pollution Control Financing Authority (NC) (Quantum Group, Inc.) industrial development revenue bonds series 2000;

--Johnson City Health & Educational Facilities Board (TN) (Mountain States Health Alliance) hospital revenue bonds series 2007A;

--Johnson City Health & Educational Facilities Board (TN) (Mountain States Health Alliance) hospital revenue bonds series 2007B;

--Smyth County Industrial Development Authority (VA) (Mountain States Health Alliance) hospital revenue bonds series 2007C;

--Johnson City Health & Educational Facilities Board (TN) (Mountain States Health Alliance) hospital revenue bonds series 2008A;

--Russell County Industrial Development Authority (VA) (Mountain States Health Alliance) hospital revenue bonds series 2008B;

--Smyth County Industrial Development Authority (VA) (Mountain States Health Alliance) hospital revenue bonds series 2007C.

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.

Source: Business Wire

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