Correction - Fitch Places Robert W. Woodruff Arts Center (Georgia) Revs on Watch Negative.

NEW YORK -- (This is a revision of a release issued on Aug. 11, 2009. It reflects newly updated information with respect to outstanding liquidity agreements supporting the variable-rate debt.)

Fitch Ratings has placed the underlying long-term 'A' rating on approximately $187.6 million of outstanding revenue bonds issued on behalf of the Robert W. Woodruff Arts Center Inc.'s (Woodruff, or the center) on Rating Watch Negative. Revenue bonds are an unsecured general obligation of Woodruff, payable from all legally available funds.

The Negative Rating Watch primarily reflects the credit risk presented by Woodruff's need to extend four of its five external liquidity agreements currently supporting its $187.6 million of variable-rate debt. In Fitch's view, the ability to extend all four agreements in a timely manner will be challenging in light of the current credit environment. In addition, the center continues to face operational and liquidity challenges, as outlined in Fitch's Credit Update report dated March 2, 2009.

Woodruff's liquidity agreements are provided by Bank of America, N.A. ($73 million), Wachovia Bank ($50 million) and SunTrust Bank ($64.5 million). Four of the agreements are currently set to expire Sept. 30, 2009. The fifth agreement, provided by SunTrust Bank in support of the center's $14.5 million series 2008 revenue bonds issued by the Development Authority of Alpharetta (Georgia), expires Jan. 7, 2010. Management has stated it intends to refund all of the center's outstanding debt before the expiration date. While Woodruff retains market access to effectuate a debt restructuring, it will likely face significantly higher costs to do so.

Woodruff is a Georgia nonprofit corporation and was founded in 1968. The center's main campus is located on approximately 11 acres in a six-block area of midtown Atlanta, GA. The Woodruff Center's revenues are generated by its four operating components - the Alliance Theatre, Atlanta Symphony Orchestra, the High Museum of Art, and Young Audiences, Woodruff Arts Center.

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