Fitch Rates Ohio Building Authority $358.225MM Refunded Bonds 'AAA'

Business Wire, Oct 25, 2004

NEW YORK -- Fitch Ratings assigns an 'AAA' rating to the State of Ohio (Ohio Building Authority) state facilities bonds (Administrative Building Fund Projects) as follows:

--$19,370,000 1995 series A, maturing Oct. 1, 2007-2010;

--$55,185,000 1998 series A, maturing Oct. 1, 2009-2015;

--$56,765,000 1999 series A maturing Oct. 1, 2010-2016 and Oct. 1, 2018 (administrative refunded bonds).

Fitch also assigns an 'AAA' rating to the State of Ohio (Ohio Building Authority) state facilities bonds (Adult Correctional Building Fund Projects) as follows:

--$8,555,000 1996 series A, maturing April 1, 2007-2008;

--$23,405,000 1997 series A, maturing April 1, 2008- 2011;

--$62,390,000 1998 series A maturing April 1, 2009-2018;

--$90,560,000 1999 series A maturing Oct. 1, 2010-2018;

--$41,995,000 2000 series A, maturing April 1, 2011-2015 (adult correctional refunded bonds).

All bonds were refunded on Oct. 21, 2004, with proceeds of the Ohio Building Authority's State Facilities Refunding Bonds (Administrative Building Fund Projects) 2004 series B and (Adult Correctional Building Fund Projects) 2004 series C, respectively. All refunded bonds will be redeemed on their first optional redemption date at a price of 101% of par, beginning April 1, 2006.

The escrow agent for the administrative refunded bonds, The Huntington National Bank, holds escrowed funds and securities in a special irrevocable trust fund, for the benefit of administrative refunded bondholders. The escrow agent for the adult correctional refunded bonds, J.P. Morgan Trust Company, National Association, holds escrowed funds and securities in a special irrevocable trust fund, for the benefit of adult correctional refunded bondholders. Escrowed funds and securities held in these accounts are pledged irrevocably to the payment of principal, interest, and redemption premium on the respective refunded bonds, when due. The 'AAA' rating reflects this pledge and that all funds have been invested in direct obligations of the U.S.

Grant Thornton verified the mathematical accuracy of debt service computations on the refunded bonds and income from the escrowed funds and securities, contained in schedules provided to them by Morgan Stanley, Inc., underwriter for the authority's refunding bonds. In the opinion of Grant Thornton, the cash and securities placed in each escrow will be sufficient to pay, when due, principal, interest, and redemption premium on all refunded bonds.