Fitch rates Tenn. Local Development BANs F1+

Fitch Ratings said it assigned an F1+ rating to the Tennessee Local Development Authority's $57 million state loan program revenue bond anticipation notes (BANs), 2008 series A.

The new issue is expected to sell competitively around June 11 and is due June 24, 2009.

Issue proceeds, along with other available funds, will principally retire outstanding BANs and be used for loans to localities for sewage treatment and waterworks purposes.

In addition, Fitch said it affirmed the following outstanding ratings for the authority: $57 million 2007 series A BANs at F1+ and $56.3 million program revenue bonds at AA-. The outlook is stable.

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