Fitch Takes Rating Actions on FGIC-Insured U.S. Municipal Issues

NEW YORK--(Business Wire)--
Concurrent with its rating action earlier today on Financial
Guaranty Insurance Company (FGIC), in which Fitch Ratings downgraded
FGIC's Insurer Financial Strength (IFS) rating to 'CCC' from 'BBB' and
placed it on Rating Watch Evolving, Fitch has taken the following
rating actions on U.S. municipal bonds insured by FGIC.

-- FGIC insured bonds with underlying Fitch ratings lower than
'BBB' have been downgraded to their underlying ratings;

--All FGIC insured bonds without underlying Fitch ratings are
withdrawn.

A detailed list of the affected bond issues is available on the
Fitch Ratings web site at www.fitchratings.com under the following
headers:

Public Finance then U.S. Public Finance then Special Reports

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
David Litvack, 212-908-0593
or
Media Relations:
Sandro Scenga, 212-908-0278

Copyright Business Wire 2008