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Auction rate securities are an alternative to variable rate demand obligation bonds.
SOURCE OF REPAYMENT: The 'F1+' Short-Term rating also reflects management's policies to ensure for a timely delivery of the cash amounts necessary to purchase variable rate demand obligations if necessary.
New York: On the effective date of April 12, 2016, Fitch Ratings will revise the long-term rating to 'AA' from 'A+' and assign a short-term 'F1' rating to the Massachusetts Department of Transportation metropolitan highway system revenue bonds (senior), variable rate demand obligations 2010 series A-2.
At present, variable rate demand obligations (VRDOs) meeting Fitch's dual party criteria receive an uplift in the long-term rating of up to two notches if both the LOC provider and underlying rating on the bond are 'A' or higher.

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