Amendment: Fitch Rates Maryland Stadium Authority's VRDBs Series 2006 'AA/F1+'.

NEW YORK -- (This is an amended version of a press released issued earlier today. It updates rating information in the first paragraph and economic information in the final paragraph.)

Fitch Ratings assigns a rating of 'AA/F1+' to the $31,600,000 Maryland Stadium Authority Baltimore convention center lease revenue refunding bonds, series 2006. The 'AA' long-term rating reflects the credit quality of the Maryland Stadium Authority (MSA) and the State of Maryland's pledge of legislative appropriations. The 'F1+' short-term rating is based on the standby bond purchase agreement (SBPA) issued by The Bank of New York. Fitch also affirms the 'AA' rating on approximately $296 million in outstanding MSA debt.

The State of Maryland's strong credit characteristics and the MSA's important role in the state support the long-term rating. The state's 'AAA' rating and Stable Outlook reflect its wealthy, diversified economy, sound financial operations, and policies keeping debt within affordability limits. The current bonds are lease obligations of the State of Maryland, subject to annual legislative appropriations; the MSA's leasehold interest is also pledged. Provisions of the master lease between the authority and the State of Maryland are sound. Since its establishment in 1986, the MSA has become an integral state agency, taking on a wide array of stadium, convention and cultural facility projects statewide. The current issue will refund a 1994 series of the MSA to expand the Baltimore Convention Center.

The SBPA provides for the payment of the purchase price of tendered bonds during the initial interest rate period and the weekly rate mode in the event the proceeds of a remarketing of the bonds following a tender are insufficient to pay the purchase price. The SBPA is initially sized to cover the principal amount of outstanding bonds and sufficient interest to cover the Initial Interest Rate Period (Dec. 14, 2006 through Jan. 14, 2007) at the initial interest rate. After the Initial Interest Rate Period, the interest component of the SBPA will be sized to cover 35 days of interest calculated at the maximum rate of 10% per annum, based on a 365-day year. The short-term rating will expire on the earlier of Dec. 14, 2011, the expiration date of the SBPA, unless such date is extended or earlier termination of the SBPA in accordance with its terms. The remarketing agent for the bonds is Goldman, Sachs & Co. The bonds are expected to be delivered on or about Dec. 14, 2006.

Following the Initial Interest Rate Period, the bonds will bear interest in the weekly rate mode. The bonds may be converted to an auction rate or fixed interest rate mode. While bonds bear interest in the weekly rate mode, interest is payable on the 15th day of each month. Holders have the option to tender their bonds for purchase with prior notice while the bonds bear interest in the weekly rate mode.

The bonds are subject to mandatory tender on interest mode conversion dates; on the fifth business day preceding the expiration or termination of the SBPA; upon SBPA substitution, unless there is rating confirmation that the short-term rating assigned to the bonds will not be changed as a result of the substitution; and upon certain events of default under the SBPA. The bonds are also subject to optional and mandatory redemption.

The state's economy continues to grow and benefits from proximity to the nation's capital. Employment is rising, albeit at a slower pace than earlier in the year, up 1.2% in October 2006 year-over-year, compared to 1.4% nationwide. Maryland is one of the wealthiest states, with 2005 per capita personal income of $41,996, ranking it fourth among the states. Nonetheless, second quarter 2006 personal income growth of 6.9% lagged behind the nation's 7.3% pace of growth. The healthy economy is leading to continued state revenue growth, raising fund balances. Fiscal 2006 revenues rose 7.3% over the prior year, driven by strength in personal and corporate income taxes; the year ended with a fund balance of approximately $1.4 billion. This has enabled the state to bring the revenue stabilization account balance to approximately $759 million or 6.1% of general fund revenues, the highest level since fiscal 2001. Strength continues into fiscal 2007, with revenues now forecasted to rise 5.2%, versus the 4.6% growth anticipated at the start of the fiscal year. Personal income tax is expected to rise 6.6%, lower than recent years, due in part to the slowing real estate market's impact on capital gains. Despite positive revenue trends, spending pressures for education, Medicaid and capital result in appropriations growth of 10.7% in fiscal 2007. Maryland's debt levels remain moderate, and the state has a longstanding commitment to strong debt management. Net tax-supported debt currently equals approximately $6.8 billion, about 2.9% of 2005 personal income. GO and transportation bonds, about 92% of the total, are constitutionally required to mature within 15 years, ensuring rapid amortization of 78% within 10 years.

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.