Fitch assigns AA- rating to Oregon COPs

Fitch Ratings said it assigned an AA- rating to $148.8 million 2008 series A and $14.8 million 2008 series B (federally taxable) certificates of participation issued by the Oregon department of administrative services.

The certificates are expected to be offered through negotiation on July 1.

Proceeds will be applied to a variety of projects, including the replacement of a state hospital in Salem, renovations to the state capitol building, and a federally mandated wireless interoperability system. A portion of the 2008 series A proceeds will also be used to refund outstanding 1997 series B certificates.

Fitch affirmed its AA- rating for $1.1 billion of outstanding Oregon COPs. The outlook is stable.

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