Fitch Moves to Underlying Ratings on Ambac-Insured Municipal Securities

NEW YORK--(Business Wire)--
As announced today, Fitch has withdrawn its 'AA' IFS rating on
Ambac Assurance Corp (Ambac) and other related entities. Based on that
withdrawal, Fitch takes the following actions on Ambac-insured
municipal securities:

--Ratings on securities for which Fitch maintains underlying
ratings of 'AA' or higher are not affected;

--Ratings on securities for which Fitch maintains underlying
ratings lower than 'AA' are revised to their underlying ratings;

--Ratings on securities for which Fitch does not maintain
underlying ratings are withdrawn. On variable-rate demand notes
(VRDNs), tender option bonds (TOBs) and other municipal structured
transactions with Ambac insurance where Fitch withdraws its long-term
rating, Fitch will also withdraw its short-term rating.

On transactions where Ambac does not fully guarantee debt service,
but supports the issue via a guaranteed investment contract (GIC) or
provides a surety policy on a debt service reserve fund, Fitch will
maintain its rating, and its analysis will continue to reflect the
transaction's key credit characteristics, while also considering the
impact of the guarantor's risk profile. This credit analysis of the
guarantor may be based on Fitch's internal assessment, other agencies'
opinions or other credit views. Some of those transactions may be
placed on Rating Watch, pending a possible restructuring of Ambac's
participation, a reevaluation of the credit Fitch places on Ambac's
obligation, or an analysis of other factors within the transaction.

Spreadsheets that list the Ambac-insured municipal, corporate, and
emerging market securities on which Fitch will maintain underlying
ratings, as well as those with insured-only ratings that will be
withdrawn, are available on the Fitch Ratings web site at
www.fitchratings.com under the header:

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,
David Weinfurter, 212-908-0336 (Media Relations)

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