Fitch Ratings places the following tax allocation bonds (TABs) for the Atwater Redevelopment Agency, CA (the RDA) on Rating Watch Negative: --$1.6 million TABs, series 1998A, 'BBB+'; --$7.3 million TABs, series 2007A, 'BBB+'; --$2 million taxable housing TABs, series 2007B, 'BBB+'.

SECURITY: The non-housing series 1998A and 2007A bonds are secured by gross tax increment within the sole project area, net of the 20% housing set-aside and county administrative fee. The housing bonds are secured by the 20% housing set-aside. The debt service reserve requirement is being met through a Radian surety bond.

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