...This criteria report describes Fitch Ratings' approach to rating letter of credit-supported and confirming letter of credit-supported bonds and letter of credit-supported commercial paper. The report outlines the general framework of Fitch's analytical approach, which considers the credit risks of the legal structure and the quality and sufficiency of the credit and liquidity support. Letters of credit (LOCs) are irrevocable obligations of a financial institution that obligate it to provide sufficient funds to make all required payments of principal, interest (premium, if any), and purchase price due to bondholders or holders of commercial paper (CP) in a full and timely manner. This report has been updated to include information related to LOC-supported CP....
