Fitch gives A+ to Empire State refunding bonds

Fitch Ratings said it assigned an A+ rating to $420 million series 2008A service contract revenue refunding bonds to be issued by Empire State Development Corp., N.Y., in five subseries.

The sale is expected to close June 24.

Fitch confirmed the A+ rating on the fixed-rate conversion of 2002B-1 bonds and on $2.9 billion outstanding parity bonds.

The outlook is positive.

Proceeds will refund bonds that funded construction of various state correctional and youth facilities. The 2008A bonds are part of a $1 billion conversion and refunding operation which also include $450.365 million 2008B fixed-rate refunding bonds and the $125 million of 2002B1 bonds, which will be converted from auction-rate to variable-rate demand bonds.

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