2008-04-18 22:49:30 -

- Fitch Ratings assigns a rating of 'A/F1' to the $4,000,000 Chattahoochee County Industrial Development Authority (IDA) taxable revenue bonds (L.E. Mil Properties, LLC Project), series 2008. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by Columbus Bank and Trust Company, securing the bonds. The bank is obligated to make payments

of principal and interest when due, as well as the purchase price for tendered bonds. The rating will expire upon the earliest of: April 15, 2011, the stated expiration date of the LOC, unless such date is extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 40 days' interest at a maximum rate of 12%, based on a 360-day year and the purchase price for tendered bonds. The remarketing agent for the bonds is Synovus Securities, Inc. The bonds are expected to be delivered on or about April 21, 2008. The Rating Outlook is Negative.

The bonds initially bear interest at the variable rate, which is set on a weekly basis by the remarketing agent, but may be converted to a fixed interest rate. While bonds bear interest in the variable rate mode, interest payments are due on the first business day of each month, commencing May 1, 2008. During the variable rate mode, bondholders may tender their bonds on any business day, with seven days' prior notice of the purchase. The bonds are subject to mandatory tender upon conversion of the interest rate and upon substitution of the LOC. Mandatory and optional redemption provisions also apply to the bonds.

The bond proceeds will be used to provide funds to finance the acquisition of land, the construction of roads, related improvements and buildings and the acquisition and installation of equipment and machinery for the operation of a training facility for training of law enforcement, public safety and military personnel in Cusseta, Chattahoochee County, Georgia, to be leased by L.E. Mil Properties, LLC, a Georgia limited liability company.

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
Richard Park, 212-908-0289
or
Media Relations:
Cindy Stoller, 212-908-0526