Fitch Rates Washington Econ Dev Fin Auth (Heirborne Invs) 2006K $11.785MM VRDBs 'A/F1'

The LOC provides full coverage of principal, interest equal to 45 days calculated at a maximum rate of 12% based on a year of 365 days, and purchase price. Fitch's rating will expire on the earliest to occur of the stated expiration date of the LOC, Oct. 1, 2014, any prior termination of the LOC, or defeasance of the bonds. The remarketing agent for the bonds is Westhoff, Cone & Holmstedt.

The bonds currently bear interest in the weekly interest rate mode, but may be converted to a term interest rate mode. While bonds bear interest in the weekly interest rate mode, interest is payable on the first Wednesday of each month. The next scheduled interest payment date is Dec. 2, 2009. Bondholders may tender their bonds for purchase on any business day with seven days' prior notice to the trustee during the weekly rate mode. The bonds are subject to mandatory tender upon conversion to the term interest rate mode or on the effective date of any alternate LOC. The bonds are subject to mandatory redemption on the interest payment date preceding the expiration date of the LOC. Optional and mandatory redemption provisions also apply to the bonds.

Bonds proceeds were used to design, construct, acquire and install solid waste disposal facilities consisting of land and a new solid waste disposal transfer station including required electric power, utilities, water, storm water and sewer infrastructure facilities.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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.

Fitch Ratings, New York
Mario Civico, +1-212-908-0796
Media Relations:
Cindy Stoller, +1-212-908-0526
cindy.stoller@fitchratings.com