Fitch Rates $18MM Vermont EDA (Agri-Mark, Inc.) Ser 1999A&B VRDBs 'AA-/F1+'

NEW YORK--(Business Wire)--
Fitch Ratings assigns a rating of 'AA-/F1+' to the Vermont Economic Development
Authority variable rate demand industrial development revenue bonds (Agri-Mark,
Inc. Project), consisting of $17,000,000 series 1999A bonds and $1,000,000 1999B
bonds. The rating is based on the support provided by an irrevocable, direct-pay
letter of credit (LOC) issued by CoBank, ACB. The bonds were initially issued
with the additional support of a confirming letter of credit (CLOC) provided by
BNP Paribas. On Sept. 3, 2009, the CLOC will be released and cancelled.
Bondholders have acknowledged the release of the CLOC in addition to the
extension of the final maturity date of the bonds to Dec. 15, 2016 and have
waived the mandatory tender that would have otherwise been required.

The LOC provides full coverage of principal, interest equal to 108 days
calculated at a maximum rate of 10% based on a year of 365 days, and purchase
price. The LOC will expire on Dec. 31, 2010 unless extended pursuant to the LOC
bank's option. Fitch's rating will expire on the earliest to occur of the
expiration date of the LOC, any prior termination of the LOC or defeasance of
the bonds. The remarketing agent for the bonds is W.R. Taylor & Company, LLC.

The bonds currently bear interest in the weekly interest rate mode, but may be
converted to a fixed interest rate mode. While bonds bear interest in the weekly
interest rate mode, interest is payable on the first business day of September,
December, March and June. The next scheduled interest payment date is Sept. 3,
2009. Bondholders may tender their bonds for purchase on any business day with
seven days' prior notice to the trustee during the weekly rate mode. The bonds
are subject to mandatory tender upon conversion to the fixed interest rate mode
or on the effective date of any alternate LOC. The bonds are subject to
mandatory redemption on the interest payment date preceding the expiration date
of the LOC. Optional and mandatory redemption provisions also apply to the
bonds.

Bonds proceeds were used to financing the cost of the acquisition, construction,
and equipping of improvements to a whey processing facility, including solid
waste disposal components thereof.

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
Mario Civico, +1-212-908-0796
Cindy Stoller, +1-212-908-0526
(Media Relations)
cindy.stoller@fitchratings.com

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