OREANDA-NEWS. July 28, 2015. Fitch Ratings withdraws the 'AAA/F1' ratings on the following State of Texas bonds:

--General obligation (GO) veterans housing assistance program fund II bonds, series 2008B;
--GO veterans bonds, series 2010C.

In addition, Fitch withdraws the 'AAA' rating on bank bonds associated with the two series above.

The short-term rating on the bonds was based on the liquidity support provided by Bank of Tokyo-Mitsubishi in the form of two separate standby purchase agreements (SBPAs) which expire on July 31, 2015. All of the bonds will be called for mandatory tender for purchase today as a result of the expiration of the SBPAs.

The long-term rating on the bonds and on associated bank bonds was based on the general obligation credit quality of the State of Texas. The withdrawal is based on the bonds' being taken private upon expiration of the SBPAs noted above.