Moody's Investors Service has downgraded to A1 from Aa2 the rating on the Chula Vista Elementary School District Certificates of Participation (2000 QZAB Project). The downgrade reflects the April 3, 2012 downgrade to A1 from Aa2 of General Electric (GE) Capital Corporation. The rating is solely reliant on GE and does not reflect the credit quality of the district, which at this time is not rated by Moody's. At issuance the proceeds of the Certificates of Participation (COPs) were invested in an Investment Agreement with GE Funding Capital Market Services (formerly FGIC Capital Market Services) guaranteed by GE Capital Corporation. The rating on the COPs is based upon the credit quality of the investment agreement provider and the strength of the escrow structure. Accordingly, following upon the downgrade of the guarantor, the COPs rating is being downgraded as well. The last rating action for the Chula Vista Elementary School District Certificates of Participation (2000 Elementary School Building Project) was September 22, 2009 when the rating was downgraded to Aa2 from Aaa. The certificates mature on September 27, 2012.
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