Fitch Affirms $259.3MM D.C. Multimodal GO Bonds, Series 2001C & D at 'AAA/F1+'

Business Wire, Dec 5, 2006

NEW YORK -- Fitch affirms the 'AAA/F1 ' rating assigned to the $259,265,000 District of Columbia, multimodal general obligation bonds (variable-rate demand obligations), consisting of $190,900,000 series 2001C bonds and $69,715,000 series 2001D refunding bonds. The bonds originally were rated based on a municipal bond insurance policy provided by Financial Guaranty Insurance Company (the policy) with respect to the 'AAA' long-term rating, and the standby bond purchase agreement (the Standby) provided by FGIC Securities Purchase Inc. with respect to the 'F1 ' short-term rating. On Dec. 6, 2006, the Standby will be replaced with a Standby provided by Morgan Stanley Bank (the Morgan Stanley Bank Standby).

The 'AAA' rating continues to be based on the policy, and effective Dec. 6, 2006, the short-term 'F1 ' rating will be based on the Morgan Stanley Bank Standby. The short-term rating will expire on the earlier of: Dec. 6, 2016, unless such date is extended; or any earlier termination of the State Street Standby. The remarketing agent is Bear Sterns.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.