S&P rates Miss. prison bonds AAA/A-1+

Standard & Poor's said it assigned an AAA/A-1+ rating and AA- underlying rating to the Mississippi Development Bank's $93.435 million of series 2008A (Department of Corrections Walnut Grove Correctional Facility refunding bond project) and $67.47 million of series 2008B (Mississippi Department of Corrections East Mississippi Correctional Facility refunding bond project) special obligation bonds supported by Mississippi.

The outlook on the underlying rating is stable.

The AAA/A-1+ rating reflects an irrevocable, direct-pay letter of credit provided by Bank of America, which is rated AA+/A-1+.

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