Fitch rates Va. beltway bonds A+/F1, AA-/F1+, AA/F1+

Fitch Ratings said it assigned ratings that range from A+ to AA- to $589 million in senior-lien multi-modal toll revenue bonds, series 2008A-D (tax exempt, AMT) issued by the Capital Beltway Funding Corp. of Virginia.

The corporation's $300 million series 2008A and $75 million series 2008D bonds were rated AA-/F1+. Series 2008B ($114 million) was rated A+/F1, while series 2008C ($100 million) received a rating of AA/F1+.

The bonds were expected to be delivered June 12.

Proceeds will help finance construction of toll lanes on the Capital Beltway around Washington, D.C.

The ratings are based on letters of credit provided by DEPFA Bank (series 2008A), Banco Espirito Santo SA (series 2008B), National Australia Bank Ltd. (series 2008C) and Bank of Nova Scotia (series 2008D).

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