Fitch Rates Dayton-Montgomery County Port Authority Revs 'A+/F1'; Outlook Negative.

SAN FRANCISCO -- Fitch assigns a rating of 'A+/F1' to $272,000,000 series 2006 (AMT) Dayton-Montgomery County Port Authority (Ohio) special airport facilities revenue bonds (DHL 2006 Project), consisting of the following:

--$90.6 million series 2006A (AMT);

--$90.6 million series 2006 B (AMT);

--$90.6 million series 2006C (AMT).

The Rating Outlook is Negative. Citigroup is the underwriter and remarketing agent and expects to price the bonds on July 11. 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) Issuer Default Rating of 'A+/F1' 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.

In this transaction, Deutsche Post provides an unconditional and absolute guarantee to the Trustee, for the benefit of the bondholders, that includes full and timely payment of, principal and interest, and premium when the bonds come due, whether at the stated maturity, by acceleration, or call for redemption. 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, 2036, or the date when all principal, premium and interest on the series 2006 bonds is fully paid and discharged or when the bonds are no longer outstanding.

The bonds initially bear interest at the weekly interest rate, but may be converted to a daily, periodic, Dutch auction, or long-term interest rate. While bonds bear interest in the weekly mode, interest payments are on the first Wednesday of each month commencing August 2, 2006. 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 will fund costs associated with the development of DHL Express (USA) Inc's primary U.S. hub, both for domestic and international package delivery service. As of April 30, 2006, the project is 78% complete and on schedule for completion in late 2006. The expansive, part of the 1,945 acre site, project includes a new sort building, installation of a state-of-the-art automated materials handling system, expansion of the aprons and taxiway connectors, construction and improvement of new fuel and glycol dispensing facilities, and administrative offices. Pursuant to the lease agreement between Dayton-Montgomery County Port Authority and Wilmington Air (wholly owned subsidiary of DHL Express (USA) Inc.), rental payments and other revenues/funds provide bondholder security; however, Fitch's rating relies entirely on the corporate guaranty.

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.