Fitch Rates Flint River Services, Inc. Georgia $12MM VRDBs 'A/F1'.

NEW YORK -- Fitch Ratings assigns a rating of 'A/F1' to the Flint River Services, Inc. (Georgia), $12,000,000 variable rate demand bonds, series 2005. The rating for the bonds is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by Columbus Bank and Trust Company, securing the bonds. The bank is obligated to make payments of principal of and interest upon maturity, acceleration and redemption, as well as the purchase price for tendered bonds. The rating will expire upon the earliest of: Jan. 15, 2010, the stated expiration date of the LOC, unless such date is extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 56 days' interest at a maximum rate of 12% based on a 365-day year and purchase price for tendered bonds. The Remarketing Agent for the bonds is Synovus Securities, Inc. The bonds are expected to be delivered on or about Jan. 25, 2005.

The bonds initially bear interest at a variable interest rate, which is set on a weekly basis, but may be converted to a fixed interest rate. While bonds bear interest in the variable rate mode, interest payments are the first Thursday of each month, commencing Feb. 3, 2005. During the variable rate mode, holders may tender their bonds on any business day with at least seven days' prior notice of the purchase. The bonds are subject to mandatory tender: (1) on conversion of the interest rate; (2) on the date immediately following the expiration of a fixed rate period; (3) on the first day of the calendar month in which the stated expiration date of the LOC occurs unless a substitute LOC is provided in accordance with the terms of the documents; (4) during the variable rate mode, the date proposed for delivery of a substitute LOC; (5) 15 days prior to the effective date of any change in the (i) frequency with which or the formula by which the interest rate on the bonds is established during a variable rate period, or (ii) optional tender terms of the bonds during a variable rate period; and (6) a Credit Obligor Insolvency Date (the date on which insolvency of the LOC provider occurs), as described in the Trust Indenture. Optional redemption provisions also apply to the bonds.

The bond proceeds will be used to refinance certain existing indebtedness of Flint River Services, Inc., a Georgia corporation engaged in the operation of refrigerated storage facilities.