Fitch Affirms Waukegan Board of Library Trustee's (IL) Library Building Notes at 'A'; Outlook Stable

NEW YORK--(Business Wire)--
In the course of routine surveillance, Fitch Ratings affirms the 'A' rating on
Waukegan Board of Library Trustee's (the library) $1.4 million in outstanding
library building notes, series 1997. The Rating Outlook is Stable.

The 'A' rating reflects the library's adequate reserve levels and strong public
support. Over 85% of the library's proceeds come from the City of Waukegan's
property tax revenues, which have remained stable in recent years. Fitch expects
the library's financial position to remain strong in the future.

Fiscal 2007 ended with a surplus of $262 thousand, bringing the total unreserved
fund balance to 9.6% of expenditures. With three consecutive years of general
fund surpluses, the fund balance has gradually improved since 2004. Personnel
Services continue to be the largest expenditure, making up 51% of total
spending.

The library is located with the City of Waukegan which is made up of Benton,
Libertyville, Newport, Shields, Warren and Waukegan Townships in Lake County,
Illinois. The City of Waukegan is located 39 miles from downtown Chicago and 49
miles from Milwaukee. The library has strong public support as demonstrated by
its circulation of almost 40,000 book, movie or music rentals per month and by
the Friends of Waukegan Library, which raises money for the library.

Additional information is available at www.fitchratings.com.

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Fitch Ratings
Lindsay Trzaska, 212-908-0239
Ann Flynn, 212-908-9152
Cindy Stoller, 212-908-0526 (Media Relations)
cindy.stoller@fitchratings.com

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