NEW YORK, Jul 02, 2008 (BUSINESS WIRE) -- Fitch Ratings assigns a rating of 'AAA/F1+' to the $103,975,000
Broward County, Florida Airport System revenue refunding bonds, series
2008N (the bonds). The long-term 'AAA' rating is based on the support
of a financial guaranty insurance policy provided by Assured Guaranty
Corp. which insures scheduled payments of principal and interest on
the bonds. The insurance policy for the bonds is effective on the date
of issuance of the bonds and extends to Oct. 1, 2029, the maturity
date of the Bonds. For information on the underlying rating assigned
to the Bonds see the press release dated June 19, 2008 available on
www.fitchratings.com.

The short-term 'F1+' rating is based on the liquidity support of a
Standby Bond Purchase Agreement (SBPA) provided by JPMorgan Chase
Bank, N.A. The SBPA provides for the payment of the principal
component of purchase price and up to 34 days of interest calculated
at a maximum rate of 12%, based on a 365-day year, while the bonds
bear interest in the weekly or daily rate modes. The SBPA will expire
on the earlier of: July 2, 2009 the stated expiration date, unless
such date is extended, or upon the occurrence of certain events of
termination in accordance with the terms of the SBPA. The short-term
rating will expire upon the expiration or termination of the SBPA.
Wells Fargo Bank, N.A., as tender agent and trustee, is required to
give notice to the bank in the event that remarketing proceeds are
insufficient to pay purchase price for tendered Bonds. J.P. Morgan
Securities, Inc. is the remarketing agent for the bonds. The bonds are
expected to be delivered on or about July 3, 2008.

The bonds initially bear interest in the weekly rate period, but
may be converted to a daily, flexible, term or auction rate mode.
While the bonds bear interest in the weekly rate period, interest is
payable on the first business day of each month, commencing August 1,
2008. Holders of Bonds bearing interest in a weekly or daily rate mode
may tender their bonds for purchase with the required prior notice.
The bonds are subject to mandatory tender: (i) on each interest rate
mode conversion date; (ii) on the first day following the last day of
each flexible rate period; (iii) upon the expiration or replacement of
the SBPA; and (iv) upon the occurrence of certain events of default
under the SBPA.

Proceeds from the sale of the Bonds will be used to refund on a
current basis all of Broward County's outstanding Airport System
revenue bonds, series 2004M.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings, New York
Linda Friedman, +1-212-908-0727 (the bonds)
Vanessa Roy, +1-212-908-0508 (the Airport)
Media Relations: Christopher Kimble, +1-212-908-0226

Copyright Business Wire 2008