OREANDA-NEWS. Fitch Ratings has assigned 'A/F1' rating to the \$2,100,000 California Infrastructure and Economic Development Bank, variable rate demand revenue bonds (Guided Discoveries, Inc. Project) series 2015 and confirms the 'A/F1' rating assigned to the \$4,900,000 California Infrastructure and Economic Development Bank, variable rate demand revenue bonds (Guided Discoveries, Inc. Project) series 2010 (the bonds). The Rating Outlook for the Long-term ratings is Stable.

KEY RATING DRIVERS

The ratings are based on the support provided by an irrevocable direct- pay letter of credit (LOC) issued by Comerica Bank (rated 'A/F1'; Stable Outlook by Fitch) which was initially issued in 2010 to support the 2010 bonds and which has been amended to provide support for both series of bonds (the amended LOC).

The bank is obligated to make regularly scheduled payments of principal of and interest on the bonds in addition to payments due upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. The ratings will expire upon the earliest of: (a) March 5, 2020, the stated expiration date of the amended LOC, unless such date is extended; (b) conversion to a fixed rate mode; (c) any prior termination of the amended LOC; and (d) defeasance of the bonds. The amended LOC provides full and sufficient coverage of principal plus an amount equal to 45 days of interest at a maximum rate of 12% based on a year of 365 days and purchase price for tendered bonds, while the bonds bear interest in the daily, weekly, and monthly rate modes. The Remarketing Agent for the bonds is Comerica Securities. Upon the issuance of the Series 2015 bonds, the Remarketing Agent will be Gates Capital Corporation. The Series 2015 bonds are expected to be delivered on or about April 23, 2015.

The series 2015 bonds will initially bear interest at a weekly rate, but may be converted to a daily, monthly or fixed rate mode. While bonds bear interest in the weekly, daily or monthly rate modes, interest is paid on the first business day of each month, commencing May 1, 2015. The trustee is obligated to make timely draws on the amended LOC to pay principal, interest, and purchase price. Funds drawn under the amended LOC are held uninvested, and are free from any lien prior to that of the bondholders.

Holders may tender their bonds on any business day, provided the trustee and remarketing agent are given the requisite prior notice of the purchase. The bonds are subject to mandatory tender upon: (1) conversion of the interest rate; (2) the substitution of the amended LOC; (3) the occurrence of a determination of taxability. The bonds shall be accelerated following trustee's receipt of notice of an event of default under the Reimbursement Agreement or non-reinstatement of the LOC interest. The bonds are subject to mandatory redemption at least two business days prior to the LOC expiration date. Optional redemption provisions also apply to the bonds.

Additional bonds may be issued provided they receive a separate series designation and the LOC is amended to allow the trustee to make drawings on the LOC for principal, interest, and purchase price for such additional series.

The proceeds of the series 2015 Bonds will be used to finance the cost of the acquisition, construction and restoration of the pier located at Guided Discoveries' Camp Fox facility located at Buttonshell Beach on Santa Catalina Island, California.

RATING SENSITIVITIES

The rating is exclusively tied to the short and long-term rating that Fitch maintains on the bank providing the amended LOC and will reflect all changes to that rating.