Fitch Rates Victory Storage Company VRBs Series 2008 'A/F1'

Business Wire, March 11, 2008

NEW YORK -- Fitch Ratings assigns a rating of 'A/F1' to the $5,000,000 Victory Storage Company (GA) variable rate taxable bonds, series 2008. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by Columbus Bank and Trust Company, securing the bonds. The bank is obligated to make payments of principal and interest when due, as well as the purchase price for tendered bonds. The rating will expire upon the earliest of: March 15, 2013, the stated expiration date of the LOC, unless such date is extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 40 days' interest at a maximum rate of 12%, based on a 360-day year and the purchase price for tendered bonds. The remarketing agent for the bonds is Synovus Securities, Inc. The bonds are expected to be delivered on or about March 11, 2008.

The bonds initially bear interest at the variable rate, which is set on a weekly basis by the remarketing agent, but may be converted to a fixed interest rate. While bonds bear interest in the variable rate mode, interest payments are due on the first business day of each month, commencing April 1, 2008. During the variable-rate mode, bondholders may tender their bonds on any business day, with seven days' prior notice of the purchase. The bonds are subject to mandatory tender: on conversion of the interest rate; prior to expiration or termination of the LOC; and upon substitution of the LOC. Additional mandatory and optional redemption provisions also apply to the bonds.

The bond proceeds will be used to finance certain costs associated with the acquisition of mini-warehouse facilities located in St. Simon and Thunderbolt, Georgia.

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.