Fitch Ratings assigns a rating of 'AA/F1+' to the $20,290,000 Southeastern California Conference of Seventh-Day Adventist adjustable rate demand taxable revenue bonds, series 2008. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by Bank of America, N.A securing the bonds (the long-term 'AA' rating of Bank of America is on Rating Watch Negative as of March 7, 2008). The bank is obligated to make payments of principal and interest when due, as well as purchase price for tendered bonds.