Fitch Affirms Bi-State Devel Agency 2005A Notes At 'A+/F1+'

Business Wire, July 31, 2006

NEW YORK -- Fitch Ratings affirms the 'A /F1 ' rating assigned to $150,000,000 Bi-State Development Agency of the Missouri-Illinois Metropolitan District subordinate mass transit sales tax appropriation bonds (Metrolink Cross County Extension Project), series 2005A. The affirmation is in connection with the conversion of $100,000,000 of bonds to a long-term interest rate mode and the issuance of a JPMorgan Chase Bank, National Association (JPMorgan) letter of credit (LOC) to support the bonds bearing interest in such long-term interest rate mode. The long-term interest rate mode will be effective from Aug. 1, 2006 to Oct. 1, 2009. The JPMorgan LOC supporting the bonds in the long-term interest rate mode is sized at 185 days based on a 360 day year. The long-term interest rate will be determined on the conversion date. The remaining $50,000,000 of bonds, which are in the weekly interest rate mode, will continue to be supported by the JPMorgan LOC that was effective upon the original issuance of the bonds. The JPMorgan LOC supporting bonds in the weekly interest mode continues to be sized at 35 days of interest at 9% based on a 365 day year. On Aug. 1, 2006, the JPMorgan LOC supporting the bonds to be converted to a long-term interest rate will become effective and the JPMorgan LOC supporting bonds remaining in the weekly interest rate mode will be reduced. The remarketing agent for the bonds continues to be Banc of America Securities, LLC.

The rating is based upon separate LOCs provided by JPMorgan to cover the long-term interest rate and weekly interest rate bonds and will expire on the earliest of: Nov. 12, 2010, the stated expiration date of both LOCs, unless such date is extended; defeasance of the bonds; or any prior termination of the LOCs.

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