Fitch Affirms Kenton County Airport Board Special Facilities Revs At 'A+/F1'; Outlook Negative.

SAN FRANCISCO -- Fitch Ratings affirms the 'A+/F1' rating on $230,000,000 outstanding Kenton County Airport Board special facilities revenue bonds, 2003 series A (AMT) (Airis Cincinnati, LLC Project). The rating is based on the support provided by a corporate guarantee of Deutsche Post AG. In December 2005, Fitch revised the Rating Outlook on Deutsche Post AG's (DPAG) 'A+/F1' Issuer Default Rating (IDR) to Negative from Stable following the Exel acquisition, reflecting the fact that the company had exhausted its headroom for additional debt finance acquisitions, while staying in an acquisitive mood.

Over the next few weeks, Fitch anticipates completing its periodic review of the DPAG credit profile. The resulting rating action could be an affirmation of the current rating, revising the Outlook to Stable or keeping it Negative. Fitch's action could also be a downgrade. Among the key rating factors that will be taken into consideration are the highly likely conversion of a EUR1 billion convertible bond, which would restore some headroom for acquisition, uncertainties around the new tariff framework that will come into force in 2008, DPAG's ability to put its U.S. express activities back on track, and DPAG's appetite for future acquisitions. For more information on the DPAG rating, please see Fitch Rating Comment: Deutsche Post AG, dated Feb. 16, 2006, and Fitch Research: Deutsche Post AG, dated Dec. 20, 2005, both available on the Fitch Ratings web site, www.fitchratings.com.

DPAG unconditionally and irrevocably guaranteed to the Trustee, for the benefit of the bondholders, full and timely payment of semi-annual interest, principal and premium when the bonds come due, whether at the stated maturity, by acceleration, or call for redemption, and in the event of a failure of any responsible party (DHL Worldwide Express, Inc. or Airis Cincinnati, LLC) to fulfill all bondholder obligations. The guaranty also provides coverage for the purchase price of tendered bonds in the event that remarketing proceeds are insufficient. The rating and guaranty extend until July 1, 2032, or the date when all principal, premium and interest on the 2003 series A bonds is fully paid and discharged or when the bonds are no longer outstanding.

The bonds are in weekly interest rate mode, but may be converted to other interest rate modes. Bondholders may tender their bonds on any business day, provided the remarketing agent is given the requisite prior notice of the purchase. The bonds are subject to mandatory tender upon interest mode conversion dates and upon substitution, expiration or termination of the guarantee. Optional and mandatory redemption provisions also apply to the bonds.

Bond proceeds reimbursed DHL Worldwide Express Inc. for construction and funded the remaining costs associated with the development of air cargo facilities at Cincinnati/Northern Kentucky International Airport. Pursuant to the sublease agreement with Airis, DHL is to make monthly rental or sublease payments equal to base rent (1/12th annual interest costs and administrative fees). Airis, through the lease with the issuer, assigned its interest in the sublease payments to the trustee for the benefit of the bondholders. However, should either party default on its obligations, the Deutsche Post corporate guarantee provides for bondholder repayment.

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.