Fitch Rts $96.245MM CT Special Oblig. Rate Reduction Bnds 'AAApre'

Business Wire,  July 2, 2008  

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NEW YORK -- Fitch Rating assigns a rating of 'AAApre' to the $96,245,000 State of Connecticut special obligation rate reduction bonds (2004 Series A). The bonds were refunded on June 5, 2008 with funds of the State. All refunded bonds are escrowed to maturity.

The Escrow Agent, U.S. Bank, National Association, holds funds and securities in a segregated irrevocable escrow deposit fund in trust for the benefit of refunded bondholders. The escrow agent is directed to use this fund solely for the purpose of paying debt service on the refunded bonds. The 'AAApre' rating reflects the restricted use of this fund and that all amounts held in the fund have been invested in direct obligations of the United States.

Amtec and Ross & Company, PLLC jointly 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 the Public Resources Advisory Group, financial advisor to the State. In the opinion of Amtec and Ross & Company, the receipts from the cash and securities deposited in the escrow deposit fund will be sufficient for the timely payment of the principal and interest on the refunded bonds.

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.

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