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NEW ISSUE FULL BOOKENTRYRATINGS: Underlying: S & P: A+ Insured: S & P: AAA (Negative Outlook) See RATINGS herein In the opinion of GCR, LLP, San Diego, California (Bond Counsel×, based upon an analysis

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New issue ratings bam refers to the rating assigned to a new security or debt instrument being issued.

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Information such as the issuer's financials, the terms of the security, and the proposed rating must be reported on new issue ratings bam.

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