2008-07-30 23:46:04 -

- Fitch Ratings affirms the 'A' rating on $23.1 million Nassau Regional Off-Track Betting Corporation (NROTB)(Nassau County Support Agreement) (New York) revenue bonds, series 2005. The Rating Outlook on the series 2005 bonds is revised to Stable from Positive.

The Outlook revision reflects the change in the Rating Outlook on the county's general obligation (GO) bonds (see Fitch press release 'Fitch Rates Nassau County, New York's $125MM GOs 'A+'; Outlook to Stable', dated Jan. 4, 2008) given the NROTB rating is directly linked to the county's GO rating.

The 'A' rating on the series 2005 bonds reflects the county's covenant to budget and appropriate payments under the support agreement between the county and the NROTB equivalent to debt

service and the general credit quality of the county. The support agreement was approved by a vote of the county legislature on June 6, 2005. The county deposits said payments directly to the trustee 15 days prior to the maturity date. Additional credit strengths are derived from the assignment to the trustee by NROTB of all rights, title, and interest under the support agreement; the assignment of all property to the trustee; the granting to the county of a mortgage in the project, supported by the series 2005 bonds and legal provisions providing for no right to set-off.

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.

Fitch Ratings, New York
Ann G. Flynn, +1-212-908-9152
Christopher Hessenthaler, +1-212-908-0773
Sandro Scenga, +1-212-908-0278 (Media Relations)