Fitch rates Georgia bonds AAA

Fitch Ratings said it assigned a rating of AAA to Georgia's planned offering of $522.49 million general obligation bonds, series 2008A ($56.605 million) and 2008B ($465.885 million). The outlook is stable.

The bonds will be sold via competitive bid around June 12.

The 2008 series A bonds will be sold in two subseries; subseries A-1 will be due July 1, 2009-2013, and subseries A-2 will be due July 1, 2009-2018. Neither subseries is subject to early redemption. The 2008 series B bonds will be due July 1, 2009-2028 and subject to early redemption beginning July 1, 2018.

Proceeds will fund projects for state agencies, including the State Board of Education, the Board of Regents of the University System of Georgia, the Georgia Department of Transportation, and the Department of Technical and Adult Education.

Fitch also affirmed its AAA rating on the state's approximately $7.8 billion in outstanding general obligation bonds.

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