Fitch Rts Michigan Full Faith & Credit GO Notes, Fiscal 2007, Ser A 'F1+'

Business Wire, Nov 27, 2006

NEW YORK -- Fitch Ratings assigns a rating of 'F1 ' to the $1,300,000,000 State of Michigan, full faith and credit general obligation notes, fiscal year 2007, series A. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by DEPFA BANK plc (DEPFA), acting through its New York Branch.

DEPFA is obligated to make payment of principal of and interest on the notes at maturity. The interest rate on the notes will be set on the sale date, Dec. 5, 2006. The notes are not subject to tender or redemption prior to maturity. The rating for the notes will expire on Sept. 28, 2007, the stated expiration date of the LOC and the maturity date of the notes. Lehman Brothers is the senior manager for the notes. The notes are expected to be available for delivery on or about Dec. 13, 2005.

The proceeds will be deposited in the General Fund of the State of Michigan and will be disbursed as needed to meet current expenses of the General Fund during the fiscal year which began on Oct. 1, 2006.

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