Fitch assigns AA+/F1+ to D.C. 2008C, 2008D bonds

Fitch Ratings said it assigned an AA+/F1+ rating to the District of Columbia's $224.3 million multimodal general obligation refunding bonds, series 2008C, and $114.205 million multimodal G.O. refunding bonds, series 2008D.

The rating is based on the support provided by a direct-pay letter of credit issued by Dexia Credit Local, acting through its New York Branch, securing the bonds.

Bond proceeds will be used to refund; the District of Columbia's outstanding $224.3 million multimodal G.O. bonds, series 2002B (auction-rate securities); the $23.725 million multimodal G.O. bonds, series 2002A (auction-rate securities); and the outstanding $87.225 million multimodal G.O. bonds, series 2004C (auction-rate securities). Proceeds will also be used to pay the interest component of several series of the District of Columbia's outstanding bonds and to pay the costs and expenses of issuing and delivering the series 2008 bonds.

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