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RATING AGENCIES AND RA71NG <br />AGENCY MES ON INSURED TRANSACTIONS <br />The claims -paying ability of Financial Guaranty insurance Company ("Financial Guaranty') has <br />been rated "AA" by Fitch Investors Service, Inc ("Fitch'), "Au" by Moody's Investors <br />Service, Inc. ("Moody's) and "AAA" by Standard & Poor's Rating Group ("S&P'). <br />Financial Guaranty notifies and provides information to each of the rating agencies as to each <br />series of sauxities which Financial Guaranty commits to insure. Fitch, Moody's and S&P will <br />race securities insured by Financial Guaranty "AAA", "Aaa", and "AAA", respectively, upon <br />verification by such rating agency that the insured issue complies with such rating agency's <br />requirements tfor insured issues and subject to the following. Fitch will assign its "AAA" rating <br />to the securities insured by Financial Guaranty, if requested by the issuer. Moody's has advised <br />Financial Qatenty that it will assign its "Aaa" rating to each security insured by Financial <br />Guaranty. Pursuant to its ratings contract with Moody's. Financial Guaranty, itself, <br />automatically applies for a rating on each security insured by Financial Guaranty. S&P has <br />advised Fnnaacial Guaranty that it will assign its "AAA" rating to each security insured by <br />Financial Guaranty. <br />Payment of the fees charged by any rating agency for rating an insured issue is a matter solely <br />between the issuer and the respective rating agency. Financial Guaranty is not responsible for <br />any such fees and will not seek to confirm the issuer's payment of such fees. The release of <br />Financial Gusrsnty's bond insurance policy or surety bond is not subject to the payment of such <br />fees. <br />RATINGS <br />[Insert name of rating agencies who are rating the insured bonds), which have assigned ratings to <br />the Bonds, have done so with the understanding that, upon delivery of the _ Bonds, the <br />Financial Gwranty Policy will be issued by Financial Guaranty. Such ratings reflect only the <br />views of such cnanintions and any desired explanation of the significance of such ratings <br />should be obtained from the ruing agency furnishing the same, at the following addresses; [Fitch <br />Investors Service, Inc., One State Street Plaza, New York, New York 10004,] [Moody's <br />Investors Service, Inc., 99 Church Street, New York, New York 10007;] [Standard & Poor's <br />Corporation, 2:5 Broadway, New York, New York 10004). Generally, a rating agency bases its <br />rating on the information and materials furnished to it and on investigations, studies and <br />assumptions of its own. There is no assurance such ratings will continue for any given period of <br />time or that such ratings will not be revised downward or withdrawn entirely by the rating <br />agencies, if in thejudgment of such rating agencies, circumstances so warrant. Any such <br />downward revision or withdrawal of such ratings may have an adverse effect on the market price <br />of the Boards. <br />weooMMftl.dx <br />