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Fitch Rts City of Atlanta, Georgia Airport CP Notes Ser 2005 A & B 'F1+'.

NEW YORK -- Fitch Ratings assigns a rating of 'F1+' to up to $350,000,000 City of Atlanta, airport general revenue commercial paper notes, consisting of series 2005 A-1 (AMT) and series 2005 A-2 (non-AMT); and up to $200,000,000 airport passenger facility charge and subordinate lien general revenue commercial paper notes, consisting of series 2005 B-1 (AMT) and series 2005 B-2 (non-AMT). The rating is based on the support provided by two separate irrevocable, letters of credit (LOCs). Each LOC supports one series of notes. Both LOCs are issued severally by the following banks: Bayerische Landesbank, acting through its New York Branch (the agent bank); Calyon, acting by and through its New York Branch; Landesbank Baden-Wurttemberg, acting through its New York Branch, and Wachovia Bank, National Association (the banks). The rating on both series of notes will expire upon the earlier of: Nov. 30, 2015, the expiration date of the LOCs, unless such date is further extended or terminated on the optional termination date, as defined in the LOCs, or any prior termination of the LOCs.

U.S. Bank National Association, as the issuing and paying agent (IPA) for both series of notes is directed to draw on the applicable LOC to pay the principal amount and interest due upon the maturity of the notes. The LOCs provide coverage for the full principal amount of the notes plus interest equal to 270 days, calculated at a maximum rate of 12% based on a 365-day year. The notes will be issued at par, with interest due at maturity. Following an event of default under the respective LOC reimbursement agreement, the banks have the option to direct that no additional notes be issued or to direct the IPA to draw on the applicable LOC for the full amount of principal and interest on all notes then outstanding.

The commercial paper dealers for the notes are Bear, Stearns & Co. Inc. and Lehman Brothers/Nevis Securities LLC. The notes are expected to be available for delivery on or about Aug. 2, 2005.

The notes are being issued to finance the capital improvement plan of Hartsfield-Jackson Atlanta International Airport.

Fitch's rating definitions are available on the agency's public web site, Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.
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Publication:Business Wire
Date:Jul 18, 2005
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