The short-term ratings on six issues of variable-rate single-family mortgage bonds that have liquidity support from Lehman Brothers Commercial Bank have been downgraded from F1-plus to F3 by Fitch Ratings. The affected bonds are: Idaho Housing and Finance Association Single Family Mortgage Bonds Class I Variable Rate Bonds, series 2008 A and 2008 B; and Utah Housing Corp. Single-Family Mortgage Bonds (Master Indenture Dated May 1, 2000) Class I Variable Rate Bonds, series 2006 B, 2006 C, 2006 D, and 2006 E. All the bonds maintain long-term ratings of AAA, and the F3 short-term ratings are on Rating Watch Negative. The management at both housing issuers report that they are seeking replacements for the LBCB liquidity facilities, Fitch said.
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