Fitch assigns A underlying rating to Wayne County, Mich., airport bonds

Fitch Ratings said it assigned an A underlying long-term rating to $336.4 million airport revenue refunding bonds issued by Wayne County Airport Authority, Mich. The outlook is stable.

The senior-lien bonds will include $201.25 million subseries 2008B (AMT), $93.9 million subseries 2008C (AMT) and $41.22 million subseries 2008D (non-AMT).

The bonds will be sold the week of June 23 via negotiation.

Proceeds will refund all of the authority's outstanding series 2003A, 2003B, 2003C and 2004 variable-rate demand debt.

Nearer to closing, Fitch said it expects to assign a short-term rating based on letters of credit from Landesbank Baden-Wurttemberg, acting through its New York branch, and Wachovia Bank NA.

Fitch affirmed its A rating for the authority's $2.1 billion of outstanding senior-lien revenue bonds and the A- rating for $180.4 million of outstanding junior-lien bonds.

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