Fitch Rates $350MM Nassau County Interim Fin Auth (New York), VRBs Ser 2008C-E 'F1+'

NEW YORK--(Business Wire)--
Fitch Ratings will assign a rating of 'F1+' to the short-term component of the
ratings assigned to the $350,000,000 Nassau County Interim Finance Authority
(NIFA) (a Public Benefit Corporation of the State of New York), sales tax
secured variable rate bonds (VRBs), consisting of: $150,000,000 series 2008C;
$123,185,000 series 2008D-1; $26,815,000 series 2008D-2; and $50,000,000 series
2008E. The bonds are currently rated 'AA+/F1+' based on (1) the long-term credit
quality of sales tax secured bonds issued by NIFA with respect to the 'AA+'
long-term rating, and (2) the standby bond purchase agreement (SBPA) provided by
Dexia Credit Local, acting through its New York Branch (Dexia), with respect to
the 'F1+' short-term rating. On May 1, 2009 (substitution date), the Dexia SBPA
will be substituted and the series 2008D bonds will be reoffered as two separate
series of bonds, series 2008D-1 and 2008D-2, each with a separate SBPA. On the
substitution date, the bonds will be supported by SBPAs provided by the
following banks: JPMorgan Chase Bank, National Association (JPM) with respect to
the series 2008C bonds; Bank of America, N.A. (BANA) with respect to the series
2008D-1 bonds; and BNP Paribas, acting through its New York Branch (BNP), with
respect to the series 2008D-2 bonds and the series 2008E bonds.

The 'AA+' component of the ratings continues to be based on NIFA's long-term
sales tax secured bond rating; and on the substitution date, the effective date
of the SBPAs, the 'F1+' short-term component of the ratings will be assigned
based on the SBPAs. Each SBPA will expire on: April 30, 2010, with respect to
the JPM SBPA; June 1, 2011 with respect to the BANA SBPA; and April 30, 2012,
with respect to the BNP SBPA, in each case, unless extended or earlier
terminated pursuant to its respective terms. The remarketing agents are:
Citigroup Global Markets, Inc. for the series 2008C bonds; M.R. Beal & Company
for the series 2008D-1 and D-2 bonds; and Goldman, Sachs & Co. for the series
2008E 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
Mary Jane Ziga, +1-212-908-0529 (New York)
Cindy Stoller, +1-212-908-0526 (Media Relations, New York)
cindy.stoller@fitchratings.com

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