Fitch gives underlying AA- to Miss. prison bonds

Fitch Ratings said it assigned an AAA/F1+ rating to $166.3 million of special obligation bonds from the Mississippi Development Bank.

The rating affects $96.4 million of series 2008A (Mississippi Department of Corrections - Walnut Grove Youth Correctional Facility refunding bond project) and $69.9 million of series 2008B (Mississippi Department of Corrections - East Mississippi Correctional Facility refunding bond project).

Separately, Fitch assigned an AA- underlying rating to the bonds.

The AAA/F1+ rating reflects a direct-pay letter of credit from Bank of America, NA, which is rated AA/F1+ and on negative watch.

Sale of the bonds is expected on April 9.

The outlook is stable.

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