2009-08-06 20:12:07 -

Fitch Ratings assigns a rating of 'F1+' to the Montgomery County, Maryland $200,000,000 consolidated public improvement commercial paper bond anticipation notes, 2009 series (the notes). The rating on the notes is based on the external liquidity support provided by JPMorgan Chase Bank, National Association (the bank), in the form of a Credit Agreement and also reflects the obligation of the county to pay principal and interest on the notes. Montgomery County is currently rated 'AAA' by Fitch.

The U.S. Bank National Association, as Issuing and Paying Agent, is directed to request an advance under the Credit Agreement whenever proceeds of commercial paper notes or other funds provided by the County are insufficient to pay principal and interest on maturing notes. The

Credit Agreement represents a commitment by the bank to advance up to $200 million in principal and up to 34 days of accrued interest at a maximum rate of 10%, based on a 365 day year.

The notes will be issued at par, with interest due at maturity.

Following the occurrence of an event of default under the Credit Agreement, the bank may direct that no additional notes be issued. In addition, the Credit Agreement may be terminated at the option of the bank, upon the occurrence of specified events. The rating on the notes expires on Aug. 21, 2012, the expiration date of the Credit Agreement, unless such date is extended.

Barclays Capital and Merrill Lynch are the dealers for the notes. The proceeds of the notes will be used to provide interim financing for the County's Capital Improvements Program. The notes are general obligations of the County, backed by the County's full faith and credit.

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 RatingsLinda Friedman, +1-212-908-0727 (New York)(for
information on the notes)Alexander Knight, +1-212-908-9181 (New
York)(for information on Montgomery County)Media Relations:Cindy

Stoller, +1-212-908-0526 (New York) cindy.stoller@fitchratings.com : mailto:cindy.stoller@fitchratings.com