Fitch gives Hennepin County ballpark bonds AA-/F1+

Fitch Ratings said it assigned an AA- long-term and an F1+ short-term rating to the $75 million series 2008C third-lien variable-rate sales tax revenue bonds issued by Hennepin County, Minn.

The bonds are expected to be delivered on June 26.

Proceeds will finance a portion of the cost of site acquisition, site improvements and other costs of constructing the new Minnesota Twins' ballpark and related infrastructure.

The short-term rating is based on a standby bond purchase agreement provided by U.S. Bank, NA.

Fitch also affirmed its AAA rating on the county's $513 million outstanding general obligation bonds, its AA+ rating on $150 million first-lien sales tax revenue bonds and an AA rating on $120 million second-lien sales tax revenue bonds.

The outlook is stable.

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