Fitch Rates Denver Urban Renewal Authority's (Colorado) 2008A-2 Stapleton Revs 'AA-/F1+'

NEW YORK--(Business Wire)--
Fitch Ratings has assigned 'AA-/F1+' ratings to the Denver Urban
Renewal Authority's $107,000,000 Stapleton senior tax increment
revenue bonds, series 2008A-2.

The rating is based on the support provided by an irrevocable
direct-pay letter of credit (LOC) issued by U.S. Bank National
Association (the Bank), securing the bonds. The bank is obligated to
make regularly scheduled payments of principal of and interest on the
bonds and upon acceleration and redemption, as well as purchase price
for tendered bonds.

The rating will expire upon the earliest of: (a) April 30, 2011,
the initial stated expiration date of the LOC, unless such date is
extended; (b) any prior termination of the LOC; and (c) defeasance of
the bonds. The LOC provides full coverage of principal plus an amount
equal to 35 days' interest at a maximum rate of 12% based on a year of
365 days and purchase price for tendered bonds. The underwriter and
remarketing agent for the bonds is RBC Capital Markets. The sale is
expected to be on or about June 26, 2008.

The bonds initially bear interest at a weekly interest rate, but
may be converted to a daily, unit pricing, term or fixed interest rate
mode. While bonds bear interest in the weekly rate mode, interest
payments are the first business day of each month, commencing July 1,
2008. During the daily and weekly mode, holders may tender their bonds
on any business day, provided the trustee and remarketing agent are
given requisite prior notice of the purchase. The bonds are subject to
mandatory tender: (1) during a unit pricing mode, on the day after the
end of each period; (2) upon conversion of the interest rate; (3) upon
expiration, termination or substitution of the LOC; and (4) on
optional redemption dates, upon decision of the Authority to purchase
bonds in lieu of redemption. Optional and mandatory redemption
provisions also apply to the bonds.

Bond proceeds will be used to refund outstanding bonds of the
Authority.

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
Trudy Zibit, +1-212-908-0689 (variable-rate bonds)
Jose Acosta, +1-512-215-3726 (Austin) (the Authority)
Media Relations:
Christopher Kimble, +1-212-908-0226 (New York)

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