2009-04-28 21:03:04 -

Fitch Ratings upgrades the ratings assigned to the New Jersey Economic Development Authority Economic Development bonds (The Frisch School - 2006 Project) and The Frisch School adjustable-rate demand taxable revenue bonds series 2006 to 'AA/F1+' from 'A+/F1'. Fitch also placed the long-term ratings on Rating Watch Negative.

The rating is based on the support of two separate irrevocable confirming direct-pay letters of credit (LOCs) issued by Banco Santander, S.A. (currently rated 'AA/F1+', long-term rating on Rating Watch Negative by Fitch). Effective today, Banco Santander will replace KBC Bank N.V. as the provider of the confirming LOCs supporting the bonds. Ziegler Capital Markets will continue as the remarketing agent for the bonds.

The ratings will expire upon the earliest of May 18, 2010

for both series of bonds, the stated expiration date of the substitute confirming LOCs, unless such dates are extended, any prior termination of the substitute confirming LOCs, or defeasance of the bonds.

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 YorkRichard Park, 212-908-0289orMedia
Relations:Cindy Stoller, 212-908-0526Email: cindy.stoller@fitchratings.com : mailto:cindy.stoller@fitchratings.com