The rating on the City of Irvine, Calif. Assessment District Number 94-15's bonds is raised to 'AA/A-1+' from 'A+/A-1' based on the substitution of an LOC from State Street Bank and Trust ('AA/A-1+') for an LOC from the Canadian Imperial Bank of Commerce on May 2, 2003. The LOC covers 57 days of interest at the maximum rate of 12% and expires on May 1, 2006. The LOC will also terminate five days following conversion to the fixed mode. Bond modes are daily, variable (weekly), and unit pricing, with a maximum interest period of 35 days. There is also a fixed mode, which the LOC does not cover. Bonds in daily and variable-rate modes may be optionally tendered. Mandatory tender
